The United Nations Conference on Trade and Development (UNCTAD) has disclosed in a recent World Investment Report 2021, that with CFA512 million ($931 million), the highest outflows of FDI from Africa in 2020 were from Togo.
Compared to 2019 where they stood at $43 million, outflows from Togo were up by 2.073%, with most of the investment directed to other African countries.
The report reads in part, “…for example, Afrik Assurances opened operations in Benin and Côte d’Ivoire in the financial services industry.”
Togo thus comes ahead of Ghana and Morocco from which FDI outflows stood respectively at $542 million (-8%) and $492 million (-45%).
Meanwhile, “outward investment from South Africa, traditionally a key investor, was negative (-$2.0 billion) as South African MNEs repatriated capital from foreign countries”, the authors of the report wrote. Across the continent, the figure fell to $1.6 billion, from $4.9 billion in 2019.
On a general scale, FDI outflows from Africa decreased by 35% to $5.3 billion. South Africa continued to be the largest outward investor in spite of reduction in outflows from $4.1 billion to $3.1 billion.
Outflows from Togo increased significantly, from a mere $43 million in 2019 and $931million in 2020. In North Africa, Morocco also increased outward FDI.