The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world,[15] with development undercut by political instability, lowered commodity prices, and external debts.

Its agricultural products includes coffee, cocoa, cotton, yams, cassava (tapioca), corn, beans, rice, pearl millet, sorghum and livestock such as fish.

Coffee and cocoa are traditionally the major cash crops for export, but cotton cultivation increased rapidly in the 1990s, with 173,000 metric tons produced in 1999.

Despite insufficient rainfall in some areas, the Togolese Government has achieved its goal of self-sufficiency in food crops — maize, cassava, yams, sorghum, pearl millet, and groundnut.

However, following declines in world prices for commodities, its economy became burdened with fiscal imbalances, heavy borrowing, and unprofitable state enterprises.

Under these programs, the Togolese Government introduced a series of austerity measures and major restructuring goals for the state enterprise and rural development sectors.

Togo made good progress under the international financial institutions' programs in the late 1980s, but movement on reforms ended with the onset of political instability in 1990.

With the economic downturn associated with Togo's political problems, scheduled external debt service obligations for 1994 were greater than 100% of projected government revenues (excluding bilateral and multilateral assistance).

Togo long served as a regional banking center, but that position has been eroded by the political instability and economic downturn of the early 1990s.