Editing Economy of Togo (section)

===Mining===

In the industrial sector, [[phosphates]] are Togo's most important [[commodity]], and the country has an estimated 60 million metric tons of phosphate reserves. From a high point of 2.7 million tons in 1997, production dropped to approximately 1.1 million tons in 2002. The fall in production is partly the result of the depletion of easily accessible deposits and the lack of funds for new investment. The formerly state-run company Société Nouvelle des Phosphates du Togo (New Phosphate Company of Togo) appears to have benefited from private management, which took over in 2001. Togo also has substantial [[limestone]] and [[marble]] deposits.

Encouraged by the commodity boom of the mid-1970s, which resulted in a fourfold increase in phosphate prices and sharply increased government revenues, Togo embarked on an overly ambitious program of large investments in [[infrastructure]] while pursuing [[industrialization]] and development of state enterprises in [[manufacturing]], [[textiles]], and [[beverage]]s. However, following declines in world prices for commodities, its economy became burdened with fiscal imbalances, heavy borrowing, and unprofitable [[state enterprises]].