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