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.

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

The State-Private Sector Consultation Committee is seeking to build lasting trust between the tax administration and businesses in the Kara region, an objective discussed at a meeting held on Monday, Jan. 26, 2026, in Kara.

Held under the theme “Building a relationship of trust between the tax administration and businesses in  Kara,” the meeting brought together representatives of the tax administration, local businesses and tax experts. Participants discussed ways to improve transparency in tax procedures, streamline processes and enhance interactions between stakeholders, while ensuring regular follow-up on private sector concerns.

According to Finance and Budget Minister Georges Barcola, restoring trust between taxpayers and the tax administration has become essential. “The Togo Revenue Authority must collect only what is legally due, neither more nor less,” he said, adding that perceptions of tax injustice are often a key source of tension between the state and businesses.

Discussions also addressed the expansion of the tax base, particularly local taxes, as well as the need to strengthen consultation with the private sector ahead of the adoption of finance laws.

For his part, Moyeme Baniab, executive secretary of the State-Private Sector Consultation Committee, said the initiative builds on consultations already held in other regions of the country and aims to strengthen a more inclusive and effective framework for public-private dialogue.

Esaïe Edoh

Togo’s newly appointed transport minister, Komlan Lokou Kadje, and deputy minister for the maritime economy, Edem Kokou Tengue, were sworn in on Monday.

The handover ceremonies, overseen by the Secretary-General of the Government, Stanislas Bamouni Baba, took place on Jan. 26 in Lome at the transport and maritime economy ministries.

“The transport sector is central to economic and social development. It connects regions, facilitates trade and supports growth,” Kadje said during the ceremony.

He said his priorities would include ensuring continuity in ongoing projects, particularly on rural roads, while improving the efficiency of public investment.

“Challenges related to infrastructure conditions, mobility and transport costs are not obstacles, but priorities that require concrete solutions,” Kadje said, adding that his tenure would focus on transparent management, effective public action and accountability to citizens.

Separately, Edem Kokou Tengue formally took up his post as deputy minister for the maritime economy. Tengue previously held the portfolio between 2020 and 2024.

“The maritime sector plays a key role in our country’s economic growth and remains attractive to investors,” Tengue said, citing sustained interest from international groups in Togolese ports in recent years.

R.E.D

Togo has secured 400 million CFA francs from the Economic Community of West African States (ECOWAS) to fund assistance for refugees, the National Civil Protection Agency (ANPC) said on Monday.

The funding, formally handed over on Jan. 26, 2026, will support a programme implemented by the ANPC, focusing mainly on the Savanes and Kara regions, which host large numbers of displaced people.

The funds will be used to purchase food and essential non-food items, as well as to build basic community infrastructure, including boreholes and latrines.

Authorities said the programme is expected to generate short-term economic activity by relying on local suppliers and service providers, providing income opportunities in areas already affected by security challenges. The initiative also aims to ease the burden on host families, who have faced growing pressure since the arrival of refugees.

“This project is designed to support host families and complement government efforts, notably through food assistance and the construction of basic facilities,” said Yaya Seyda, director of emergency operations planning at the ANPC.

Originally due to end in December 2025, the programme has been extended until the end of March 2026 due to operational challenges. Beneficiaries fall under the mandate of the United Nations High Commissioner for Refugees.

R.E.D.

Togo’s rollout of its Automated Marking System (SAM) is struggling, with inspections showing widespread non-compliance despite the system being mandatory since September 2020.

Recent inspection and outreach campaigns, particularly in the Centrale and Kara regions, uncovered persistent weaknesses in distribution networks and low adoption by economic operators.

In the Centrale region, only 30% of inspected products were properly marked, according to findings presented in Sokode after a nationwide inspection carried out from Jan. 6 to Jan. 13, 2026. Inspectors checked 67,506 products across all prefectures.

“We scanned 67,506 products and found that only 30% were marked,” said Essotina Single, executive director of the commission overseeing the SAM. “We also observed low rates of stamp activation and cases of fraudulent imports, notably from Ghana.”

Esso-Wavana Ahmed Adoyi, president of the same commission, described the compliance rate as unacceptable and warned that enforcement would soon tighten.

“The 30% compliance rate recorded in the Centrale region is abnormal,” he said. “We are currently in an awareness phase, but operators who fail to comply after this period will face sanctions under existing law.”

Low compliance in Kara region

A similar pattern emerged in the Kara region, where inspectors examined 103,801 products during a mission conducted from Jan. 15 to Jan. 21. Of these, 36,082 were compliant, representing a compliance rate of about 35%, leaving nearly two-thirds of products in circulation unmarked.

“Inspection teams travelled through prefectures, communes and villages for several days, but the results show that uptake of the reform remains limited,” Adoyi said at the presentation of the findings in Kara.

Authorities say the marking system carries both regulatory and fiscal significance. Beyond improving product traceability and curbing fraud, the scheme is designed to protect consumers and strengthen tax revenue collection.

“Secure tax stamping should not be seen solely as a regulatory obligation, but as a tool to protect businesses, enhance product value and promote fair competition on the national market,” said Tchimbiandja Yendoukoa Douti, acting governor of the Centrale region.

Local authorities have urged economic operators to fully comply with the system, warning that inspections will intensify as the awareness phase draws to a close, with penalties gradually enforced in line with the regulations.

Ayi Renaud Dossavi

The American Chamber of Commerce in Togo (AmCham Togo) was launched on Monday, Jan. 26, in Lomé. The organisation aims to strengthen economic ties between the United States and Togo as the country seeks to attract more private investment and diversify its international partnerships.

The launch ceremony was attended by business leaders, Togolese officials including Minister of Mines and Energy Resources Robert Koffi Messan Eklo, and U.S. business representatives. U.S. Chargé d’Affaires Richard C. Michaels hailed “a new chapter in commercial relations between the United States and Togo,” saying the new chamber would serve as “an essential platform for dialogue, opportunities and shared prosperity.”

Led by the private sector, AmCham Togo intends to serve as a bridge between companies and public policymakers. Affiliated with the global network of American Chambers of Commerce, it aims to promote economic freedom, ethical business practices, innovation and inclusive growth. According to its officials, the organisation seeks to help create a more transparent and competitive business environment conducive to responsible investment.

The founding board of directors includes leaders from various sectors with business networks in Togo, the United States and Europe, a profile intended to strengthen the new structure’s credibility with international investors. AmCham Togo plans to play an active role in economic advocacy, public-private dialogue, trade development and capacity building, particularly in digital transformation.

Existing U.S. economic footprint

The economic relationship is already reflected in several U.S.-linked operations in the country. More than a dozen companies and organisations affiliated with the United States operate in Togo across key sectors such as energy, aviation, agriculture and logistics, according to the U.S. Embassy. ContourGlobal supplies nearly 30% of the country’s electricity, while Boeing aircraft are used on regional routes operated by ASKY Airlines. In 2025, the first shipment of American organic fertilisers was also imported into Togo.

This presence is also visible in bilateral trade flows. According to TradeMap data, Togolese imports from the United States reached about $61 million in 2024, dominated by plastics, vehicles, petroleum products and industrial equipment. Togolese exports to the U.S. market totalled nearly $49 million in 2024, up from less than $12 million four years earlier. These exports remain largely concentrated in products with limited value added, such as food industry residues and certain vegetable oils. The recent emergence of textile manufacturing at the Adétikopé Industrial Platform, led by U.S. group Star Garments Group, a subsidiary of American firm Charles Komar & Sons, points to an early, though still limited, move up the value chain.

Navigating a changing trade policy

The bilateral relationship now faces tighter conditions. Since returning to the White House, Donald Trump has put the “America First” doctrine back at the centre of U.S. trade policy. The introduction of a uniform 10% tariff on Togolese exports to the United States from April 2025 has raised the cost of access to the U.S. market. This came even as the AGOA preferential regime had just expired before being extended until the end of 2028 by Congress, sending a mixed signal to African partners between the maintenance of a preferential framework and tighter access conditions. In this context, AmCham Togo is seen less as a showcase than as a practical tool for securing and upgrading economic relations, said a member of the chamber’s board.

Against this backdrop, the new chamber also plans to launch the “AmCham Togo CARES” programme. The social impact initiative will focus on education, job readiness, digital inclusion and sustainable development, linking economic development with stronger local communities.

U.S. authorities have said they want to rapidly expand AmCham Togo’s membership base, encouraging U.S. and Togolese companies with ties to the United States to join the chamber, which is described as a platform for dialogue and support in an increasingly demanding commercial environment.

Fiacre E. Kakpo

Togo plans to spend 373.5 billion CFA francs in 2026 to cover the public sector wage bill. The amount represents 13.6% of the national budget, which is set at 2,751 billion CFA francs in both revenue and spending.

The allocation is 5% higher than the 355 billion CFA francs budgeted for 2025, and 16% above the 321 billion CFA francs projected for 2024. The funds will cover personnel costs financed through the central government budget, including salaries, allowances, bonuses, family allowances, and employer social security contributions. Other payments to government employees are also included.

The government attributes the rise in the wage bill mainly to an increase in staffing levels. Since March 2025, more than 3,000 new civil servants have been hired following a nationwide recruitment exam held on Feb. 26, 2022. The increase also reflects sector-specific recruitment and administrative regularisations expected during the year.

Esaïe Edoh

Construction of solar-powered boreholes began last week in Togo’s Plateaux region. Five boreholes are under construction in several localities, mainly at schools. The project aims to improve access to safe drinking water in schools and help prevent waterborne diseases.

The project is supported by the Plateaux Regional Council, which has not disclosed the funding amounts. The council said the initiative supports the government’s goal of achieving universal access to drinking water by 2030.

The works come as the government has activated an emergency plan in several parts of the country, including Plateaux, notably in Datcha.

The project marks the effective start of the Regional Council’s development programme under its mandate.

“The Regional Council plans to rehabilitate school infirmaries,” said Gnatcho Komla Mawuena, president of the Plateaux Regional Council. “It also plans to build and equip 14 new school infirmaries and provide qualified nursing staff.”

The Plateaux Regional Council has adopted its initial 2026 budget of 841.71 million CFA francs. Priority projects include school construction, maintenance of rural roads to improve access to production areas, and improved access to drinking water in rural communities.

Esaïe Edoh