in arrears to the World Bank and owed $3 million to the ADB. Togo is one of 16 members of the Economic Community of West African States (ECOWAS). The ECOWAS development fund is based in Lomé. Togo also is a member of the West African Economic and Monetary Union (UEMOA), which groups seven West African countries using the CFA franc. The West African Development Bank (BOAD), which is associated with UEMOA, is based in Lomé. 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. Historically, France has been Togo's principal trading partner, although other European Union countries are important to Togo's economy. Total United States trade with Togo amounts to about $16 million annually. Open Market Trade is extremely important to Togo's economy; the combined value of exports and imports equals 105 percent of GDP. The average applied tariff rate is 11.4 percent. Non-tariff barriers impede some trade. Government openness to foreign investment is above average. Capital transactions are subject to some controls or government approval. The evolving banking system continues to expand but lacks liquidity. Statistics The following table shows the main economic indicators in 1980–2017. See also Economy of Africa Economy of Ghana List of Ghanaian companies List of banks in Togo List of companies based in Togo Togo United Nations Economic Commission for Africa References External links Togo latest trade data on ITC Trade Map West African Agricultural Market Observer/Observatoire du Marché Agricole (RESIMAO), a project of the West-African Market Information Network (WAMIS-NET), provides live market and commodity prices from fifty seven regional and local public agricultural markets across Benin, Burkina Faso, Ivory Coast, Guinea, Niger, Mali, Senegal, Togo, and Nigeria. Sixty commodities are tracked weekly. The project is run by the Benin Ministry of Agriculture, and a number of European, African, and United Nations agencies. Togo Togo