Economic relations between Togo and India generated total trade of $3.48 billion in 2025, according to data from the Indian Embassy in Lomé. This level of trade makes Togo India’s 32nd largest commercial partner.
These figures reflect steadily growing exchanges between the two countries. India is now the main destination for Togolese exports outside West Africa, and in some quarters it has even been the largest global market for Togolese products.
Trade flows span several sectors, including raw materials, industry, and services. At the same time, India’s economic presence in Togo is expanding. Several Indian companies have set up production units or increased their existing capacities in the country, in line with Togo’s national strategy to promote local processing and transformation.
In 2023, Togo’s exports to India remained highly concentrated in both value and product range, amounting to around $619 million, according to data from Harvard University’s Atlas of Economic Complexity, highlighting the asymmetry between the two economies. During that period, exports were dominated by natural calcium phosphates ($308 million), followed by petroleum products re-exported via Togo ($81 million), and then agricultural and forestry products such as soybeans and soybean oil, sawn wood, as well as smaller volumes of metal scrap and raw cotton.
On the import side, Togo purchased about $3.6 billion worth of goods from India. These imports were dominated by refined petroleum products, at nearly $3 billion, followed by rice worth $327 million, along with manufactured goods, textiles, machinery, and chemical products.
While these exchanges reveal a marked trade imbalance in India’s favor, Indian investments have created jobs and support the Togolese authorities’ objective of developing a more integrated industrial base, notably through the Adétikopé Industrial Platform.
In the medium term, the two countries are also seeking to develop targeted cooperation in renewable energy and climate action, with the aim of further strengthening their economic partnership.
Ayi Renaud Dossavi
The University of Lome hosted a Libsense symposium on open science on Jan. 28, 2026, at the Regional Center of Excellence for Avian Sciences. The event was co-organized by the West and Central African Research and Education Network and Togo’s research and education network, TogoRER.
Organizers said the meeting aimed to promote digital tools in higher education and research, presenting open science as a way to raise the visibility of research, encourage collaboration and improve access to results.
The symposium had two parts. The first brought together administrators and network engineers from TogoRER member institutions to discuss digital infrastructure, cybersecurity, interoperability and service performance. The second, the TogoRER community day, focused on strengthening ties within the network and outlining future priorities.
In opening remarks, Minister for Higher Education and Scientific Research Gado Tchangbedji said Togo had made human capital, science and digital transformation central to its development strategy, adding that universities depend on reliable and interoperable digital infrastructure.
Togo on Tuesday and Wednesday launched a 2.45 billion CFA franc program to build and rehabilitate judicial and prison infrastructure in the Savanes region.
Pacôme Adjourouvi, the Minister of Justice and Human Rights, inaugurated the projects during an official visit to Mandouri, Dapaong, Tandjouaré and Mango.
The investments aim to improve access to justice in border areas facing security threats. They also seek to enhance working conditions for judicial personnel.
In Mandouri, a court of first instance and an official residence for the presiding judge will be built at a cost of 322.8 million CFA francs. The project is scheduled to take twelve months.
In Dapaong, the works include construction of the regional court headquarters and the rehabilitation of the prison, for 643.0 million CFA francs. The project has a six-month timeline.
In the Tandjouaré, a court of first instance with civil jurisdiction will be built over twelve months for 380.0 million CFA francs.
In Mango, the projects include rehabilitation of the court of first instance and the prison, with additional cells. The cost is 594.3 million CFA francs and the works are expected to last six months.
These projects are part of the Emergency Program for Strengthening Community Resilience and Security 2024-2028, which has an overall budget of 6.1 billion CFA francs.
Ayi Renaud Dossavi
The regional agency responsible for the management and promotion of government securities, UMOA-Titres, officially launched its government securities listing and trading platform in Lomé. The initiative was unveiled on Tuesday, Jan. 27, 2026, on the sidelines of the 8th edition of the West African Monetary Union (WAEMU) Government Securities Market Meeting.
The platform, named UT Marché, was launched jointly by Oulimata Ndiaye Diassé, director general of UMOA-Titres, and Jean-Claude Kassi Brou, governor of the Central Bank of West African States (BCEAO). It is part of efforts to modernize and strengthen the secondary market for government securities within the WAEMU zone. The project aims to meet growing expectations from investors and regulators in terms of market efficiency and attractiveness.
UT Marché is designed to improve price and transaction transparency, enhance the liquidity of securities, and reinforce confidence in the regional market. The platform facilitates price discovery by offering better visibility on supply and demand. It provides real-time centralized information on prices, traded volumes, and yields for Treasury bills and bonds. This reduces information gaps and strengthens the trust of market participants.
“This launch marks an important step in the modernization of the government securities market,” BCEAO Governor Jean-Claude Kassi Brou said. He highlighted the structuring role of this innovation in the development of the regional financial market.
For issuing states, the platform represents a strategic tool. By improving the ease and fluidity of trading securities on the secondary market, UT Marché helps reassure investors. This confidence could eventually lead to lower required yields and therefore more controlled financing costs for public Treasuries.
For UMOA-Titres, the creation of this listing and trading platform is a key instrument for transparency, liquidity, and the modernization of the regional government securities market.
Esaïe Edoh
Togo’s National Fund for Inclusive Finance (FNFI) is seeking to adapt its operations to evolving economic and social conditions. Officials from the national inclusive finance scheme held a strategy meeting in Kara from Jan. 22 to 27, 2026, aimed at revitalising the institution.
The discussions focused on reviewing how the current mechanism is functioning and identifying ways to respond to changing economic realities. The objective was to strengthen inclusive finance and ensure it contributes more effectively to equitable and sustainable economic development. At the end of the meeting, new policy directions and priorities were set for the 2026 fiscal year, with the aim of consolidating progress, improving operational efficiency, and expanding the national impact of inclusive finance programmes.
Among the main recommendations was the need for stronger coordination among stakeholders involved in the implementation and monitoring of loans. Participants also called for intensified training and outreach for beneficiaries, particularly on repayment obligations for FNFI-backed credit. They further recommended establishing regular consultation meetings to support joint action and improve access to financing, especially in the regions.
FNFI Director General Tchitchabalo Songaï N’Dassim said the meeting was an important step toward better aligning the Fund’s interventions with the economic and social changes under way in the country.
Created in 2014, the FNFI aims to strengthen the financial and operational capacity of decentralised financial services in order to serve people excluded from the traditional banking system. As of Jan. 28, 2026, the fund had disbursed cumulative loans estimated at 117.70 billion CFA francs, according to data published on its official website.
Esaïe Edoh
Togo has adopted a national framework for regional development planning after approving a National Guide for the preparation of Regional Development Plans on Tuesday, Jan. 27, 2026, in Lomé. The document is intended to harmonize planning approaches and improve the effectiveness of government action at the local level.
The guide provides regional councils with a shared reference for designing, planning, and monitoring development initiatives. It was developed by the minister delegate for local development under the Ministry of Territorial Planning as part of efforts to support local authorities. Structured in three chapters, it outlines the legal basis for planning in Togo, sets out the main stages of preparing regional plans, and defines procedures for implementation and evaluation.
Officials from the supervising ministry said the guide, endorsed by stakeholders, is expected to serve as a key tool for steering regional development. Governors, presidents of regional councils, sectoral administrations, and technical partners contributed to the process.
For Kwame Gomado, the minister delegate in charge of local development, the main challenge now is ensuring that regional institutions adopt and apply the guide. He called for development plans to incorporate cross-sector priorities such as climate change, gender equality, social inclusion, the sustainable development goals, as well as social cohesion and security.
Following its approval, the guide is now set to be rolled out across local authorities as it moves into an operational phase.
R.E.D
Construction of the Regional Center for Agricultural Mechanization (CRMA) in Tchitchao, Togo, is in its final stages and is expected to begin operations soon, after nearly three years of work. President of the Council Faure Essozimna Gnassingbé recently visited the site during a tour of the Kara region, where he reviewed several major infrastructure projects.
According to officials, the center is designed to support all stages of agricultural production, from soil preparation to harvesting, including post-harvest operations. The aim is to ease the burden of manual farm work, improve yields, and support the transition toward more productive agriculture, at a time when the sector remains heavily reliant on traditional practices.
Authorities expect the project to contribute to higher production volumes, more reliable agricultural cycles, and improved incomes for rural households. The center also forms part of broader initiatives launched in the area under the national strategy for agricultural modernization, which focuses on mechanization, improved access to equipment, and the professionalization of farms.
Work on the CRMA began in April 2023, alongside the first national forum for agricultural producers (FOPAT). The infrastructure is expected to allow farmers in the area and surrounding communities to share agricultural equipment while reducing the cost of individual investment.
R.E.D
The Chamber of Commerce and Industry of Togo (CCI-Togo) held a training session in Lomé on Tuesday, Jan. 27, focused on the new tax provisions introduced under the 2026 finance law. The initiative marks the start of a series of measures aimed at helping companies adapt to the country’s ongoing reforms.
The session is intended to help businesses understand the changes brought by the 2026 finance law, in order to support proper compliance and reduce the risk of disputes stemming from misinterpretation of the regulations. Discussions focused on new tax measures, updated reporting requirements, and procedures applicable to companies.
The 2026 finance law, definitively adopted on Dec. 29, 2025, sets out an initial balanced state budget of 2,751.5 billion CFA francs, representing a 14.8 percent increase from the previous year. It introduces several measures, including a VAT exemption on certain locally produced livestock and fishery products. It also provides for simplified registration arrangements for public contracts awarded to young entrepreneurs and women entrepreneurs, as well as a tax credit to support the professional integration of people with disabilities.
For the president of the CCI-Togo, José Kwassi Symenouh, a strong command of these provisions is essential to ensure corporate tax compliance and contribute to improved domestic resource mobilisation. The training programme is expected to be rolled out in other regions of the country.
R.E.D
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 regional public debt market has become a key tool of financial independence, Togo’s Economy and Finance Minister Essowè Georges Barcola said on Tuesday.
He was speaking at the opening in Lomé of the Public Securities Market Meetings (REMTP), a two-day event on Jan. 27–28 focused on how West African Monetary Union (WAEMU) states finance their budgets.
Organised with the participation of the BCEAO central bank and UMOA-Titres, the meeting brought together government officials, regional market participants and institutional investors.
It comes as the regional market has expanded rapidly, raising nearly 11.9 trillion CFA francs in 2025, up from just over 5 trillion three years earlier.
A strategic funding tool
Barcola said the regional securities market now plays a broader role than simply covering budget needs.
In the current environment, he said, government bond issuance has taken on strategic importance by helping states fund structural reforms and major public investment programmes through domestic resources.
With international financing conditions tightening and capital flows becoming more volatile, Togo wants to strengthen its use of internal funding sources, he added.
Mobilising domestic savings is essential to reduce reliance on external capital and to build a more resilient and sustainable model for development finance, he said.
A pillar of Togo’s financing
Barcola highlighted the central role the regional market plays in financing Togo’s economic policy.
Between 2021 and 2024, Togo raised between 500 billion and 700 billion CFA francs a year on the public securities market, he said.
Those resources covered between 50% and 110% of the state’s annual financing needs and were used mainly for public investment, infrastructure projects and social spending at a time of mounting budget pressures.
As a sovereign issuer, Togo wants to contribute fully to the development of a deeper and more integrated regional market, built on discipline, transparency and mutual trust, the minister said.
Broadening the investor base
The BCEAO is also pushing to widen the investor base, particularly by building on gains in financial inclusion.
Within the Union, access to financial services rose from 45% in 2016 to nearly 75% in 2025, with a target of more than 90% by 2030, according to figures cited during the discussions.
BCEAO Governor Jean-Claude Kassi Brou said the trend should help channel more regional savings toward financing the economy and public finances as funding needs grow.
A key challenge is to increase the market’s capacity by diversifying investors beyond the traditional dominance of banks.
Banks once held close to 90% of outstanding debt, but their share has fallen to around 80% as non-bank investors gain ground.
Pension funds, insurers and other long-term institutional investors are increasing their presence, a shift seen as necessary to support the market’s continued growth.
Developing the secondary market
Beyond the primary market used to raise funds, discussions also focused on strengthening the secondary market, which remains relatively illiquid.
In 2025, trading volumes reached a record of more than 5.4 trillion CFA francs, signalling a rebound after a slowdown in 2023.
Barcola said that while the primary market currently meets governments’ immediate financing needs, authorities must now create the institutional, regulatory and operational conditions for the secondary market to play a stronger role.
A more active secondary market is essential to boost investor confidence and stabilise expectations by ensuring liquidity in government securities, he said.
Fiacre E. Kakpo