“In the coming days, banks will finance the agricultural sector more” -Kossi Ténou, BCEAO national director

Banking
Friday, 05 June 2020 09:59
“In the coming days, banks will finance the agricultural sector more” -Kossi Ténou, BCEAO national director

(Togo First) - The Togolese government is keeping up with initiatives to increase financing to the agricultural sector. Last Wednesday, top officials from the ministries of finance and agriculture met with managing directors of credit institutions operating in the country in this framework. 

The meeting, which was held in Lomé, aimed at finding ways to substantially increase the contribution of the lenders to agriculture, as well as bank loans. 

According to figures published in 2019, the sector gets only 0.2% of bank loans; this is despite employing 38% of the population and generating 23% of Togo’s GDP.  According to Kossi Ténou, the national director of the BCEAO, “banks are making some effort, but it is still insufficient considering the huge needs of the agricultural sector.” 

Hence, this year, XOF50 billion should be mobilized- with the support of banks- for the agricultural sector, actors gathered at the reunion decided. “In the coming days, banks will finance the agricultural sector more, Ténou commented. 

Ayi Renaud Dossavi

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