Togo: Term Deposits Jump 15.7% in 2024, Reversing Two-Year Slump

Banking

Thursday, 17 July 2025 06:05

Togo: Term Deposits Jump 15.7% in 2024, Reversing Two-Year Slump

(Togo First) - Togo's term deposits significantly rebounded in 2024, rising 15.7% from 2023 to 1,246 billion CFA francs, according to BCEAO data. This growth ended a downward trend that began after a 2021 peak of 1,458 billion CFA francs.

A term deposit is a sum placed in a bank for a fixed period in exchange for a fixed interest rate. This product serves as a financing tool for banks while offering a secure investment option for savers. The rebound suggests renewed confidence among economic agents in the solidity of Togo's financial system amid macroeconomic stabilization.

This positive momentum also reflects a regional trend. Within the West African Economic and Monetary Union (WAEMU), term deposits rose by 11.6%, reaching 10,695.8 billion CFA francs. Togo recorded one of the highest increases in the region, alongside Côte d'Ivoire, which saw a 29.6% rise, and Benin, with an 18.3% increase.

Non-financial corporations were the primary drivers of this increase, contributing 23%. Public administrations followed with a 19.8% rise, and households added 6.5%. Conversely, non-profit institutions serving households and financial corporations reduced their deposits.

Short-term deposits remained predominant across the zone, accounting for 77.3% of the total. However, increases were observed across all maturities.

This renewed interest in term savings coincides with a 12% increase in bank credit supply in Togo in 2024.

Ayi Renaud Dossavi

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.