Togo lowered its 2026 target for borrowing on the regional government securities market to 396bn FCFA (€604mn) from 463.5bn FCFA (€707mn) in a revised budget law, Togo First reported on November 2. The Treasury had raised 286bn FCFA (€436mn) by August 7, the finance ministry said, and the regional debt agency UMOA-Titres lists no completed Togo auction since that date.
Analysis: Togo raised 70.5bn FCFA (€107mn) at regional auctions in the third quarter, more than twice the amount a year earlier. Borrowing through August already represented about 72% of the revised annual target, leaving roughly 110bn FCFA (€168mn) to raise, by our calculation. However, auction results for planned October 16 and 30 issues have not been published, and the regional debt calendar lists no Togo sale for November. That points toward a lighter year-end issuance schedule, although the October outcomes remain uncertain. The amended budget legislation has not yet been posted online.
Source: Togo First (Groupe Ecofin), Togo First, "Umoa-Titres : le Togo ramène son objectif annuel à 396 milliards FCFA" (November 2, 2026), citing the revised 2026 budget law, FY2026 (revised budget law); Togo First (Groupe Ecofin), Togo First (November 2, 2026), FY2026 (initial budget law) and October 2026; Agence UMOA-Titres, UMOA-Titres issue page, Togo simultaneous issue of October 30, 2026, October 30, 2026; Agence UMOA-Titres, UMOA-Titres issue page, Emission simultanée de Bons et d’Obligations du Trésor du Togo du 16.10.2026, October 16, 2026; Ministère des Finances et du Budget (Togo), Ministère des Finances et du Budget, news release (August 7, 2026), To August 7, 2026; Agence UMOA-Titres, UMOA-Titres, Bulletin des statistiques du Marché des Titres Publics, 3e trimestre 2026, Q3 2026; Agence UMOA-Titres, UMOA-Titres, Bulletin des statistiques du Marché des Titres Publics, 3e trimestre 2025, Q3 2025; Togo First (Groupe Ecofin), UMOA-Titres Q4 2026 issuance calendar, via Togo First (October 12, 2026), FY2026
Ecobank Group, the pan-African lender headquartered in Lomé, raised its profit before tax 12% to $737mn in the first nine months of 2026, the group said on October 27. Because first-half profit had risen only 6% to $423mn, the third quarter alone produced $314mn, about 21% more than a year earlier, by our calculation.
Analysis: The recovery follows a first half in which WAEMU profit rose just 1% in dollars and declined 4% at constant exchange rates, while Nigeria also underperformed. Ecobank again described both regions as more subdued than others in its nine-month statement, without providing the geographic breakdown. It is therefore unclear whether its Togolese and wider WAEMU businesses contributed materially to the third-quarter acceleration. The non-performing loan ratio held at 7.5%, within management's 6–8% full-year target. Detailed nine-month accounts should clarify which regions generated the stronger quarter.
Source: Ecobank Transnational Incorporated (ETI), Lomé, Ecobank Transnational Incorporated, 9M 2026 results press release (Lomé, October 27, 2026), as reproduced by Wakat Séra, 9M 2026; Ecobank Group (HQ Lomé), Ecobank Group 9M 2025 results, as reported by BusinessGhana, November 1, 2025, 9M 2025; Ecobank Group (HQ Lomé), Ecobank Transnational Incorporated, 1H 2026 earnings release (Lomé, July 28, 2026), NGX doclib, H1 2025; Ecobank Group (HQ Lomé), Ecobank Transnational Incorporated, 1H 2026 earnings release, NGX doclib, H1 2026; Ecobank Group (HQ Lomé), Ecobank Transnational Incorporated 1H 2026 earnings release (Lomé, 28 July 2026), H1 2026
Togo's sesame sector set up an interprofessional council in Lomé on October 28 and aims to raise production to 100,000 metric tons a year by 2030 from about 35,000 tons now, business news site Togo First reported, citing the new body. Only 2,000 to 3,000 tons are processed locally, and most of the crop is exported unprocessed, mainly to China, India and Vietnam, news site Togonews reported.
Analysis: Reaching 100,000 tons would require average annual growth of roughly 30% over four seasons, by our calculation. The target would also put sesame output at more than twice the 45,000 tons of cashews produced in 2025. Processing capacity is another constraint: local facilities handle only around 6–8% of the sesame crop, leaving most sales dependent on raw exports to Asian buyers. The industry group's estimates differ slightly between reports, and no official production series was identified. It has yet to publish a timetable or pricing arrangements for the coming season.
Source: Togo First (Groupe Ecofin), Togo First, "Togo : la filière sésame vise une production de 100 000 tonnes d’ici à 2030", October 29, 2026, Current (2026); Togo First (Groupe Ecofin), Togo First, October 29, 2026, 2030; Togonews (Lomé), distributed by AllAfrica, Togonews via AllAfrica, "Togo: Moins d’exportations brutes, plus de valeur ajoutée", October 29, 2026, Current (2026); Government of Togo (republicoftogo.com), République Togolaise (government news site), 'Le Togo a doublé sa production de cajou en six ans', October 23, 2026, 2025; Various, NSCT estimate via Capmad, 2025/26 season
Togo and Russian state nuclear company Rosatom signed a memorandum of understanding on the peaceful use of nuclear energy in Moscow on October 28, at the third Russia-Africa summit, business news site Togo First and trade publication World Nuclear News reported. The memorandum sets up working groups to assess power projects and non-energy uses, but no contract, capacity or timetable was announced.
Analysis: The agreement establishes a framework for studies, not a decision to build a reactor. No technology, site, investment amount or construction schedule has been chosen. For comparison, a 100 MW floating nuclear unit of the kind Rosatom promotes would equal about 31% of Togo's 327 MW installed generating capacity at end-2024. Imports from Nigeria and Ghana supplied 46.7% of electricity injected into the grid that year. Nuclear development would require substantial preparation, making any near-term effect on planned solar and gas investments unlikely. No date has been announced for the working groups established by the memorandum.
Source: Togo First (Groupe Ecofin), Togo First, "Énergie : Rosatom et Lomé explorent une coopération dans le nucléaire civil", October 29, 2026, October 28, 2026; Togo First (Groupe Ecofin), Ministry of Energy and Mineral Resources data, via Togo First (June 25, 2026), End 2024; Togo First (Groupe Ecofin), Ministry of Energy data via Togo First, 2024
Construction activity in Togo stood 4.1 points below its long-term average in July 2026, making it one of three West African Economic and Monetary Union (WAEMU) countries where activity weakened, alongside Mali and Niger. Turnover of non-financial services in Togo rose 9.7% from a year earlier, faster than the union's 7.6%, the regional central bank BCEAO said in its September economic report.
Analysis: The figures suggest stronger services than construction activity as the government plans spending restraint. Public works contractors could be particularly exposed to budget reductions, but the reported sector data do not establish the cause of the slowdown. Services turnover was also 6.9% below June, and the annual increase is provisional, so July alone cannot confirm a lasting trend. Financial services grew 15.5%, broadly in line with WAEMU. The regional central bank's next economic report, expected late in November, should indicate whether construction rebounded in August.
Source: Banque Centrale des États de l’Afrique de l’Ouest (BCEAO), BCEAO, Note de conjoncture économique dans les pays de l’UEMOA, septembre 2026, July 2026
Exports of natural calcium phosphates, Togo's largest export, from the quarterly trade bulletins of statistics agency INSEED; first prints, which can be revised. Shipments fell to 218,911 tons in the second quarter of 2025, then reached 1.05mn tons in the first half of 2026, 37% more than a year earlier, by our calculation. The week's lead series, regional borrowing, has too few comparable points for a chart.. Source: INSEED, INSEED, Bulletin trimestriel des statistiques du commerce international des marchandises, 1er trimestre 2025, Q1 2025; INSEED, INSEED, Bulletin trimestriel des statistiques du commerce international des marchandises, 2e trimestre 2025, Q2 2025; INSEED, INSEED, Bulletin trimestriel des statistiques du commerce international des marchandises, 3e trimestre 2025, Q3 2025; INSEED, INSEED, Bulletin trimestriel des statistiques du commerce international des marchandises, 4e trimestre 2025, Q4 2025; INSEED, INSEED, Bulletin trimestriel des statistiques du commerce international des marchandises, 1er trimestre 2026, Q1 2026; INSEED, INSEED, Bulletin trimestriel des statistiques du commerce international des marchandises, 2e trimestre 2026 (N°042, juillet 2026), Q2 2026.
Tender of the week
Land surveys of about 741,000 plots in 17 towns (seven lots)
Buyer
Ministry of Finance and Budget, through the PAGDSP project unit
Scope
Land surveys in seven lots: Dapaong and Kara (112,000 plots); Sokodé and Atakpamé (88,000); Kpalimé and Notsé (50,400); Aképé, Noépé, Mission Tové and Kovié (152,800); Tsévié and Davié (156,000); Djagblé and Dalavé (103,200); Aného, Agbodrafo and Kpogan (78,400); data delivered to the revenue office OTR; six months; international open tender.
Value
Not published
Funding
African Development Fund loan 2100150042794 (AfDB Group), PAGDSP
Closes
Wednesday, November 18, 2026
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Togo's phosphate exports rebound after a weak second quarter of 2025
10 stories with workings, from regional borrowing, bank profits and debt holdings to sesame, nuclear power, construction, Chinese debt relief, airport retail, bank accounts and the 2025 budget
Four trackers, from inflation and Port of Lomé container traffic to the five-year bond yield and phosphate exports, the tender of the week and every open tender we follow, with deadlines
Euro equivalents use the fixed parity of 655.957 FCFA per euro. Every figure comes from the official source named under it. Spotted an error? Write to info@alamareport.com; corrections run in the next issue.
