Togo Plans First 2026 WAEMU Market Issuance, Targeting 20 Billion CFA Francs

Finance

Tuesday, 17 February 2026 17:41

Togo Plans First 2026 WAEMU Market Issuance, Targeting 20 Billion CFA Francs

(Togo First) - Togo is preparing its first issuance of 2026 on the West African Economic and Monetary Union (WAEMU) regional financial market. The Treasury aims to raise 20 billion CFA francs through a simultaneous issuance of Treasury Bills (BAT) and Treasury Bonds (OAT) in an operation organized by UMOA-Titres, closing on March 6, 2026.

According to tender documents reviewed by Togo First, the amount will be raised through 346-day BAT issued at a face value of 1 million CFA francs, alongside three- and five-year OAT offered at a face value of 10,000 CFA francs. The three-year bonds carry a 6.15% interest rate, while the five-year bonds offer 6.35%. The BAT will be issued at variable rates.

The operation forms part of the government’s 2026 financing strategy under a budget set at 2,751 billion CFA francs. The proceeds will help cover financing needs outlined in the 2026 budget.

For 2026 as a whole, Togo plans to raise 463.5 billion CFA francs on the WAEMU regional public securities market, equivalent to about 17% of the annual budget.

At the end of fiscal year 2025, the country had raised 325 billion CFA francs on the same market, reaching 97% of its initial target, according to data compiled by Togo First.

Esaïe Edoh

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