Togo Farm Export Earnings Surge 44% in Four Years — Cocoa and Soy Lead the Way
Togo's agricultural exports rose from 122.5 billion to 176.2 billion CFA francs between 2020 and 2024 — a 44% increase driven by cocoa and soybean — cementing agriculture as the country's most dynamic export engine, even as growth is expected to moderate in 2026.
New data from the BCEAO reveals that Togo's agricultural export earnings climbed from CFAF 122.5 billion in 2020 to CFAF 176.2 billion in 2024 — a gain of 43.8% over four years, achieved against the backdrop of global supply chain disruptions, a Sahel security crisis that affected regional trade routes, and elevated input costs following the Ukraine war.
The growth reflects both volume expansion and price dynamics in Togo's two signature export crops: cocoa and soybean. Cocoa, in particular, experienced an extraordinary global price surge in 2023–2024, with benchmark prices reaching multi-decade highs — a windfall that significantly inflated the CFA franc value of Togo's cocoa exports even where volumes held steady.
Cocoa — Riding the Global Price Wave
Cocoa is one of Togo's most important export crops, grown primarily in the country's southwestern Plateaux and Maritime regions. The 2023–2024 global cocoa price spike — driven by El Niño-related crop failures in Ghana and Côte d'Ivoire, the world's two dominant producers — created an exceptional price environment for all cocoa-exporting countries, including Togo. While the boom is expected to moderate in 2026 as production recovers in major producer countries, the period has been transformative for smallholder incomes in Togo's cocoa belt.
Soybean — The Structural Growth Story
Where cocoa's contribution is partly cyclical, soybean is a structural story. Togo has emerged as a significant West African soybean producer, with the crop serving domestic food security as well as export markets — notably Canada, which imports soy-based agricultural products from Togo as part of a CFAF 176 billion bilateral trade relationship. The government's 2026 target of 300,000 tonnes of soybean production signals an ambition to deepen this position.
The new SIHAM hydro-agro-meteorological information system, now operational, will provide farmers with real-time climate and seasonal forecasts — reducing production risk and supporting the sustained output growth that export earnings depend on.
The 2026 Outlook — Managing the Pullback
Togo First notes that a pullback in agricultural export earnings is expected before 2026 ends, as the exceptional cocoa price environment normalises. This is not a structural reversal — it reflects the correction of a commodity price spike rather than a deterioration in Togo's agricultural capacity. The underlying trend, supported by the 83.3% growth in agricultural credit reported by the CNC in September 2026, points to an agribusiness sector that is deepening its financial integration and expanding its production base. For investors in Togo's agriculture value chain, the data supports a medium-term bullish position.