Bad loans at Togo's banks and financial institutions fell to 10.2% of gross loans at the end of September from 11.7% in August, the regional central bank BCEAO said in its monthly statistics bulletin. Gross lending rose 5.9% from the previous month to 2,606.6bn FCFA (€3.97bn). Meanwhile, non-performing loans fell to 265.5bn FCFA (€405mn), still 34% more than a year earlier.
Analysis: About 0.6 of the 1.5-point fall reflects the rise in lending rather than repaid loans, by our calculation. Bad loans fell 21.8bn FCFA (€33mn) while gross loans grew 145.5bn FCFA (€222mn). Provisions fell even more, by 24.4bn FCFA (€37mn), cutting coverage to 48.9% from 53.7%. That is consistent with banks writing off loans that were already provisioned. Togo's ratio is now just below the West African Economic and Monetary Union (WAEMU) average of 10.3%. However, it remains 2.5 points above September 2025. The BCEAO's October bulletin, expected in early December, should show whether the lending increase holds.
Source: BCEAO, BCEAO, Bulletin mensuel des statistiques, septembre 2026, September 2026
The average interest rate on new bank loans in Togo rose to 7.71% in September from 7.53% in August, while the average rate paid on deposits fell to 5.60% from 5.78%, the regional central bank BCEAO said in its monthly statistics bulletin. Across the West African Economic and Monetary Union (WAEMU), the average lending rate was 6.74% and the deposit rate 5.30%.
Analysis: Togo's gap between lending and deposit rates widened to 2.11 points from 1.75 points in a month, by our calculation, against 1.44 points for the union as a whole. Borrowers in Togo now pay 0.97 point more than the union average, and 0.22 point more than Togo's 2025 average of 7.49% reported by the BCEAO. One month does not make a trend, and the bulletin gives no reason for the move. The BCEAO's October bulletin, expected in early December, should show whether the wider margin holds.
Source: BCEAO, BCEAO, Bulletin mensuel des statistiques, septembre 2026, September 2026 and August 2026; BCEAO, BCEAO, Rapport annuel sur la situation de l’inclusion financière dans l’UEMOA au titre de l’année 2025, 2025
Togo will present 43 climate projects seeking $3.97bn, about 2,330bn FCFA (€3.55bn), at the COP31 climate conference in Antalya, which runs from November 9 to 20, news site Journal du Togo and the government news site republicoftogo.com reported on November 4. The projects cover farming and food processing, clean energy and transport, water, coastal protection and disaster risk.
Analysis: The portfolio equals 87% of the draft 2027 state budget of 2,684.1bn FCFA (€4.09bn), or an average of $92mn a project, by our calculation. Neither outlet says how much is already financed, and the government site says donors have yet to be convinced. Togo's broader climate plan needs more than $5.5bn for 2020-2030, with nearly three-quarters still unfunded, Journal du Togo said, suggesting much depends on outside lenders. Engineering, solar and water contractors would have little to bid for until projects secure funding. Togo has not published the project list. Any pledges should emerge by the end of COP31 on November 20.
Source: Journal du Togo, Journal du Togo (November 4, 2026), Announced November 2026 and 2020-2030; Government of Togo (republicoftogo.com), République Togolaise (government news site), 'Adoption du collectif budgétaire', October 22, 2026, reporting the Council of Ministers communiqué of October 22, 2026, FY2027 (draft)
Togo's draft revised 2026 budget raises the allocation for fuel subsidies by 20bn FCFA (€30.5mn) to 34.2bn FCFA (€52.1mn), Togo First reported on November 4. That is above the nearly 25bn FCFA (€38.1mn) set aside in 2025. The government has raised pump prices twice this year, on May 27 and September 11, taking super unleaded to 817 FCFA (€1.25) a liter from 680 FCFA in January.
Analysis: The revision more than doubles the original allocation of 14.2bn FCFA (€21.6mn). The new amount equals about 94mn FCFA (€143,000) a day, by our calculation. Pump prices have still risen much faster than other prices. Super unleaded is up 20.1% since January and diesel 10.2%, against annual consumer inflation of 2.4% in September, statistics agency INSEED data show. That suggests the state is sharing higher oil costs with motorists rather than absorbing them, although no per-liter subsidy figure has been published. Transport operators and firms running generators bear the rest. Parliament has yet to vote the revised budget, and INSEED's October inflation figure is expected around mid-November.
Source: Togo First (Groupe Ecofin), Togo First, 'Togo Plans CFAF 20 Billion Increase in Fuel Subsidies Amid Rising Oil Prices' (November 4, 2026), FY2026 (revised draft); Government of Togo (republicoftogo.com), République Togolaise, 21 January 2026 (citing budget forecasts), FY2026; Government of Togo (republicoftogo.com), République Togolaise, 21 January 2026, FY2025 and January 2026; Government of Togo (republicoftogo.com), République Togolaise (republicoftogo.com), « Subventions pétrolières : l’État choisit l’équilibre », 21 January 2026, January 2026; Togo First (Groupe Ecofin), Government fuel price adjustment, reported by Togo First in IHPC article, From 11 September 2026; Togo First (Groupe Ecofin), Government fuel price adjustment, reported by Togo First, From 11 September 2026; Institut National de la Statistique et des Études Économiques et Démographiques (INSEED), INSEED IHPC septembre 2026, September 2026
The regional central bank BCEAO's instant payment platform PI-SPI processed nearly 15bn FCFA (€22.9mn) of transactions in Togo by the end of October, just over a year after its launch, the bank said on November 5, Togo First reported. The total came from 163,000 transfers by 3.9mn registered users. Since November 2, electronic money transfers between providers in the West African Economic and Monetary Union (WAEMU) must go through the platform.
Analysis: Most registered users have yet to use the platform, with about one transfer for every 24 users, by our calculation, the same rate as across WAEMU. The volume is also small next to mobile money, at less than 1% of the 1,968bn FCFA (€3.0bn) moved in the second quarter alone, telecoms regulator ARCEP data show, although the two periods differ. The average transfer, about 92,000 FCFA (€140), is far above the free daily limit of 8,000 FCFA (€12.2), which BCEAO says covers 75% of electronic money transactions. Payment providers now set fees above that limit. From June 1, 2027, transfers between WAEMU countries will follow the same pricing rules.
Source: Togo First (Groupe Ecofin), Togo First, 'Togo: Instant Payment Platform Processed Nearly CFAF 15 Billion in Transactions by End-October' (November 5, 2026), citing BCEAO, To end October 2026 and End October 2026 and From November 2, 2026; Autorité de Régulation des Communications Électroniques et des Postes (ARCEP), ARCEP Togo, Observatoire des marchés T2-2026 (published September 2026), Q2 2026
Chart of the week
Togo consumer price inflation, % year on year, statistics agency INSEED, February–September 2026
0.4
1.6
0.7
0.4
0.1
1.6
0.7
2.4
FebMarAprMayJunJulAugSep
Change in consumer prices from the same month a year earlier, according to statistics agency INSEED: a higher number means prices are rising faster. The rate reached 2.4% in September, the highest of the eight months shown, in the month the government raised pump prices for the second time this year.. Source: Institut National de la Statistique et des Études Économiques et Démographiques (INSEED), INSEED, IHPC Togo – février 2026 (note mensuelle, base 100 = 2023), February 2026; Institut National de la Statistique et des Études Économiques et Démographiques (INSEED), INSEED, IHPC Togo – mars 2026 (note mensuelle, base 100 = 2023), March 2026; Institut National de la Statistique et des Études Économiques et Démographiques (INSEED), INSEED, IHPC Togo – avril 2026 (note mensuelle, base 100 = 2023), April 2026; Institut National de la Statistique et des Études Économiques et Démographiques (INSEED), INSEED, IHPC Togo – mai 2026 (note mensuelle, base 100 = 2023), May 2026; Institut National de la Statistique et des Études Économiques et Démographiques (INSEED), INSEED, IHPC Togo – juin 2026 (note mensuelle, base 100 = 2023), June 2026; Togo First (Groupe Ecofin), INSEED IHPC note, July 2026 (via Togo First English), July 2026; Institut National de la Statistique et des Études Économiques et Démographiques (INSEED), INSEED, IHPC Togo – août 2026 (note mensuelle), August 2026; Institut National de la Statistique et des Études Économiques et Démographiques (INSEED), INSEED IHPC septembre 2026, September 2026.
Tender of the week
Surveying equipment, drones and workstations for the land-registry program (two lots)
Buyer
Ministry of Finance and Budget, through the PAGDSP project unit
Scope
Lot 1: two fixed-wing VTOL drones, two photogrammetry software licenses, 100 RTK GNSS receivers, 50 handheld GPS units, 50 ArcGIS and 100 CAD licenses, five automatic levels; lot 2: 120 surveying workstations, two A0 plotters, two multifunction printers and six document scanners; delivered to the revenue office OTR within three months; international open tender.
Value
Not published
Funding
African Development Fund loan 2100150042794 (AfDB Group), PAGDSP
Closes
Wednesday, December 2, 2026
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Who is still lending in Togo's banking market
12 stories with workings, from banking and microfinance to climate finance, fuel subsidies, instant payments, WAEMU reforms, tax breaks and the 2027 budget
Four key figures, 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 in our records, 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.
