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