Togo Accounts for 16.2% of WAEMU Cross-Border Lending to Top Firms

Economic governance

Thursday, 15 January 2026 14:16

Togo Accounts for 16.2% of WAEMU Cross-Border Lending to Top Firms

(Togo First) - Togolese credit institutions accounted for 16.2% of cross-border financing extended to the 400 largest corporate borrowers in the West African Monetary Union (WAMU) at the end of September 2025, according to data from the BCEAO, the regional central bank.

Togo ranks among the leading contributors, behind Burkina Faso at 33.1%, Benin at 21.0%, and Niger at 17.2%. These countries share a similar trade configuration, shaped by import flows moving from the coast, notably Togo and Benin, toward inland markets, particularly the AES countries of Burkina Faso, Niger, and Mali, or toward neighboring Nigeria, which is not a member of WAMU.

Cross-border bank lending to large companies has been increasing across the union. At the end of September 2025, outstanding cross-border loans totaled 405.6 billion CFA francs, representing 4.1% of total large exposures. This compares with 400.9 billion CFA francs three months earlier and 295.1 billion CFA francs a year earlier.

The rise highlights the active and growing role of several national banking systems, including that of Togo, in financing international economic activity within the sub-region.

At the same time, credit concentration remains a concern. In Togo, the 50 largest companies account for 38.1% of bank lending to the economy, according to central bank data. While cross-border financing supports the operations of large groups and regional trade, it also raises the issue of how to balance support for major players with access to credit for SMEs, which remain largely dependent on domestic markets.

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.