Togo's National Credit Council (CNC) has reported a positive assessment of the country's economic, monetary, and banking system as of June 2026. The council, in its ordinary session, noted that the Togolese economy continues to demonstrate resilience. The growth projection for 2026 has been revised upward to 6.3%, up from 6.1% the previous year. This growth is primarily driven by the transportation, commerce, and port activities sectors, as well as the industrial development of the Adétikopé Industrial Platform (PIA).
The acceleration of growth is accompanied by controlled inflation, which stood at 0.5% as of June 2026. Finance and Budget Minister Essowé Georges Barcola expressed satisfaction with the budgetary trajectory's improvement. The overall deficit, including donations, was reduced to 0.8% of GDP as of June 2026, down from 2.4% the previous year. This fiscal discipline has also led to a reduction in the debt-to-GDP ratio to 60.2%, compared to 62.8% as of December 2025, keeping Togo below the 70% threshold set by the West African Economic and Monetary Union (UEMOA).
The banking and financial sector indicators remain generally satisfactory, with deposits and credits trending upward. However, the Council identified two areas of concern. The first relates to financing for agriculture and small and medium-sized enterprises (SMEs). New credits to the agricultural sector surged by 83.3%, reaching 15.4 billion FCFA as of June 2026, up from 8.4 billion the previous year. This growth was driven by campaign credits for the cotton sector and initiatives like ProMAT and ProMIFA.
Despite this progress, the CNC encourages financial institutions to make greater use of guarantee mechanisms and expand their services to other agricultural sectors and SMEs. The second area of concern is the persistent fragility of the microfinance sector. The Council called for strict implementation of restructuring plans for affected institutions, particularly the largest ones, to protect the savings of nearly 4.8 million Togolese people.
Minister Barcola urged all economic actors, including the state, private sector, banks, microfinance institutions, and professional organizations, to collectively support the new government roadmap for 2026-2031. This roadmap aims to build on the vision of protecting, uniting, and transforming the country. The meeting was attended by the Minister of Economy and Strategic Monitoring, Badanam Patoki, and the head of the business community, Coami Sedolo Tamegnon.
The CNC's positive assessment reflects the Togolese economy's resilience and potential for growth. The council's recommendations and calls for action aim to address existing challenges and ensure sustainable development. By working together, stakeholders can help Togo achieve its economic goals and improve the living standards of its citizens.
As Togo continues to navigate the complexities of economic development, the National Credit Council's oversight and guidance will be crucial in shaping the country's economic future. With a focus on sustainable growth, controlled inflation, and financial stability, Togo is poised to make significant strides in the years to come.
Key points
- Togo's economy is projected to grow at 6.3% in 2026, driven by sectors such as transportation and industry.
- The country's inflation rate is controlled at 0.5% as of June 2026.
- The National Credit Council has identified areas of concern, including financing for agriculture and SMEs, and the fragility of the microfinance sector.
