WAMU Public Debt Market Stakeholders Review Progress and Challenges in Lomé

Finance

Wednesday, 28 January 2026 11:53

WAMU Public Debt Market Stakeholders Review Progress and Challenges in Lomé

(Togo First) - The eighth edition of the West African Monetary Union (WAMU) Public Securities Market meeting opened in Lomé, Togo, on Tuesday, Jan. 27, 2026. The gathering, which concludes on Wednesday, Jan. 28, brings together key participants in the regional government debt market, including national treasuries, institutional investors, and financial sector professionals from across the WAMU region.

Held under the theme “Public Securities Market: Consolidating Achievements and Adaptation Strategies for Emerging Challenges,” the meeting is intended as a forum for discussion among stakeholders involved in the issuance and trading of public securities.

“These meetings have become, over the course of various editions, a benchmark event,” said Oulimata N’Diaye Diasse, director general of UMOA-Titres. “They provide an opportunity to take stock of the market, share a common assessment, and above all, agree on practical solutions to strengthen the ability of the Union’s states to secure sustainable local-currency financing under more stable, predictable, and efficient conditions.”

The Lomé meeting also offers an opportunity to review UMOA-Titres’ activities for 2025. According to Diasse, the WAMU public securities market remained the main source of sovereign financing in local currency over the past year. Over the last 12 months, funds raised totalled 11.858 trillion CFA francs. The market recorded steady growth and a broader range of maturities, she said.

Challenges to address

Despite these performances, the market still faces several challenges, notably the continued lack of liquidity on the secondary market. The meetings aim to speed up the market’s transition toward greater transparency and smoother functioning, according to the director general of UMOA-Titres. Objectives include strengthening transparency, improving market infrastructure, and expanding investment opportunities.

1 BCEAO

The governor of the BCEAO, Jean-Claude Kassi Brou, underscored the importance of the public securities market in financing member states. He highlighted the progress made, including the rising share of state-issued securities relative to GDP. He stressed, however, that key challenges remain, including broadening the investor base, developing the secondary market, and increasing the activity of primary dealers.

On this basis, he said the meetings aim to define common priorities to strengthen market resilience and promote best practices. The central bank, in its role of regulation, supervision, and coordination, will continue to ensure the overall coherence of the system and the proper application of the principles that support market credibility, he said.

Public securities, a development tool for Togo

For Togo’s Minister of Economy and Finance, Georges Barcola, funds raised through the UMOA-Titres market play a central role in the country’s development financing strategy.

“The mobilization of domestic savings is emerging as a major lever for greater domestic control over financing policies,” he said. “This is indispensable for limiting dependence on external capital and establishing a more self-reliant, resilient, and sustainable model for development financing.”

According to the minister, Togo welcomes the dynamism of this market, which enabled the country to raise between 500 and 700 billion CFA francs per year over the 2021-2024 period.

Esaïe Edoh

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.