In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Togo's macroeconomic situation remained difficult owing to its political uncertainty, falling cotton prices, and continued problems in phosphate production under the Staff-Monitored Program. Executive Directors stressed the need to improve fiscal stance, address structural issues, and reinforce the role of cotton producers. They urged the authorities to press ahead with efforts to improve the compilation of economic and social statistics, and considered that Togo's participation in the General Data Dissemination System would help establish a framework for broad-based improvements in the country's statistical systems.
From the early 1960s to the early 1980s, the officially recorded production of cocoa in Ghana declined by 60 percent. During the 1983–95 Economic Recovery Program, however, cocoa production doubled. Although these developments have inspired much empirical research, most of the studies have been unable to explain the medium-term persistence of cocoa output to remain below its estimated capacity level. The paper argues that the price incentive to smuggle can explain as much as one-half of the observed decline in output and the subsequent recovery. A cointegration analysis and a dynamic error-correction model of cocoa supply support the analysis.
This paper reviews economic developments in Togo during 1991–96. From 1991 to 1993, real GDP experienced a cumulative decline of 22 percent. The tertiary sector was particularly hard hit, falling by 38 percent, as the political turmoil provoked an exodus of traditional regional services activity, previously based in Togo, to neighboring countries; thus commerce and tourism, and transport and communications value added fell by a cumulative 47.7 percent and 50.0 percent, respectively. The secondary sector contracted by some 35.0 percent over the period, as phosphate production declined in 1992 and 1993.
International Monetary Fund. External Relations Dept.
This paper examines the trade and pricing policies in world agriculture. In the United States, the government pays farmers not to grow cereals and in the European Community, farmers are paid to grow more. Many have raised nominal producer prices but followed macroeconomic and exchange rate policies that left real producer prices unchanged or lower than before. Many have set up complex systems of producer taxation, and then established equally complex and frequently ineffectual systems of subsidies for inputs to offset that taxation.