Togo Pivots To Longer Maturities As Its WAEMU-Market Debt Falls To 1.8 Tln CFA

Finance

Tuesday, 20 January 2026 13:23

Togo Pivots To Longer Maturities As Its WAEMU-Market Debt Falls To 1.8 Tln CFA

(Togo First) - Togo started reducing its debt on the WAEMU regional market in 2025. Consolidated data from UMOA-Titres show that Togo’s outstanding debt to regional investors fell 5.6% over the year to 1,810.5 billion CFA francs.

That made Togo one of the few WAEMU members to record a decline in its debt stock on the public securities market, contrasting with most other countries where outstanding amounts continued to rise in 2025.

Across the bloc, total outstanding debt edged down 3.7%, but the regional figure hid wide differences between countries. Ivory Coast posted a sharper drop of 15.4%, while Niger (+7.2%), Mali (+2.2%) and Senegal (+2%) increased their borrowing from regional investors.

The Togolese government raised 411 billion CFA francs in 2025, down from 2024 and well below earlier years. The drop did not signal a pullback from the market, but rather a shift in funding strategy.

Togo has gradually reduced its reliance on standard UMOA-Titres auctions in favor of longer-dated funding, using the BRVM segment more, including syndicated bond issues. The aim is to smooth maturities and ease refinancing pressure, as several WAEMU states faced heavy repayments in 2025 after years of tight bank liquidity.

Meanwhile, borrowing across the regional market surged in 2025. WAEMU states raised nearly 11.86 trillion CFA francs, up 45.9% year on year. Bond issuance jumped 89.5%, reflecting efforts to lengthen maturities and smooth repayment schedules.

Fiacre E. Kakpo

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.