In Togo, less than 1% of bank loans go to the agricultural sector, which accounts for 60% of the active population and whose relative share in GDP is around 40%, according to the National Development Plan (NDP).
Indeed, although Lomé is the third financial center of UEMOA with 13 banks established, « the financing of the Togolese economy, although at a favorable level compared to other WAEMU countries, remains far from the contribution brought by this system in emerging economies, « notes the document. The problem, he explains, is not only at the level of access to finance but also at the level of the exorbitant cost of credit.
« Available statistics indicate that exit rates are between 9% and 13% for bank loans and sometimes close to 18% or even 20% for microfinance. In an environment characterized by low inflation, real rates seem very high and constitute a real obstacle to entrepreneurship in general and in particular to the development of the agricultural, industrial and artisanal sectors. Statistics on the distribution of credit also indicate that sectors such as agriculture receive little funding, « explains the strategic plan established for the period 2018-2022.
It should be noted, however, that the agriculture sector is composed of several types of farmers’ organizations, including small producers, groups and pre-cooperatives. This is a big challenge in terms of organization.
« Much remains to be done »
« Despite the government’s commendable efforts in recent years in the area of inclusive finance (the various products have reached more than 700,000 people without income or low income), much remains to be done to ensure the financing of the sector. private sector, « notes the PND.
In this sense, he continues, the challenge is to ensure that the National Fund for Inclusive Finance (FNFI) is firmly integrated as the institution par excellence of the promotion of finance accessible to all, especially for the more poor, young people and women through strong partners and diversified and sustainable financial services providers and especially through innovative and adapted financial products.