Togo Cuts Regional Market Debt as WAEMU Borrowing Surges

AFRICAN BUSINESS AND ECONOMYJanuary 26, 2026 at 9:49 PM UTC

TLDR

Togo reduces debt on WAEMU public securities market by 5.6% in 2025.
Togo shifts funding strategy to longer-dated instruments through BRVM, decreasing reliance on standard UMOA-Titres auctions.
Togo's approach contrasts with rising borrowing trend in WAEMU, emphasizing debt management and maturity structure for stability.

Togo reduced its debt on the WAEMU public securities market in 2025, standing out in a region where most countries continued to borrow more.

Data from UMOA-Titres show Togo’s outstanding debt to regional investors fell 5.6% over the year to 1,810.5 billion CFA francs. That made Togo one of the few WAEMU members to post a decline in its market debt stock.

Across the bloc, total outstanding debt edged down 3.7%, masking wide country differences. Ivory Coast recorded a sharper fall of 15.4%, while Niger increased its debt by 7.2%. Mali and Senegal also raised their exposure, with increases of 2.2% and 2% respectively.

Togo raised 411 billion CFA francs on the regional market in 2025, down from 2024 and well below levels seen in earlier years. The decline reflected a change in funding strategy rather than a withdrawal from the market.

The government has reduced its reliance on standard UMOA-Titres auctions, favoring longer-dated instruments through the BRVM, including syndicated bond issues. The shift aims to smooth maturities and limit refinancing pressure after heavy repayments across the region.

Key Takeaways

Togo’s approach contrasts with a sharp rise in borrowing across WAEMU in 2025. Governments raised nearly 11.86 trillion CFA francs, up 45.9% from a year earlier. Bond issuance rose 89.5% as states sought to lengthen maturities and manage repayment risks. By slowing issuance and extending tenors, Togo is trying to reduce rollover risk at a time when bank liquidity remains tight and interest costs have risen. The strategy mirrors broader efforts by some issuers to diversify funding channels beyond short-term auctions. The contrast highlights growing divergence within WAEMU. While some countries are still expanding market debt to cover budget needs, others are prioritizing debt management and maturity structure. If sustained, Togo’s strategy could limit near-term refinancing pressure and stabilize debt dynamics. It may also serve as a reference for other states facing high repayment peaks after years of heavy reliance on short-dated market funding.

Togo