Togo — Agence UMOA-Titres

Overview

Highlights

Over the period of implementation of the Strategy for Accelerated Growth and Employment Promotion (SCAPE, 2013-2017), the average annual growth rate of Togo reached 5.4%. It is estimated at 5.3% in 2019 after 4.9% one year earlier, in a context of controlled inflation with an average annual rate of 0.6% in 2019 compared 0.9% in 2018. In 2020, Togo would report a growth rate of 1.3% and the inflation rate would reach 2.0%. This slowdown in activity is attributable to the adverse consequences of the COVID-19.
Pursuant to SCAPE, Togo has adopted a new development framework for the 2018-2022 period: the National Development Plan (PND 2018-2022). The PND intends to consolidate the achievements of SCAPE. It takes into account the residual challenges arising from SCAPE reviews and is in line with regional and international commitments of Togo.
The budget balance of Togo related to GDP was under the community program of 3.0% over the last three years. It would settle at 9.3% in 2020 against 1.1%, an increase of 8.2 points. The budget deficit should be contained in line with the community standard in 2021, due to the acceleration of growth.
The current account balance improved gradually over the 2015-2017 period in line with exports diversification and a smaller increase in imports. The current account deficit fell from 11.2 % of GDP in 2015 to 2.0 % of GDP in 2017, a decrease of 9.2 percentage points in 2 years. The current account deficit settled at 2.6 % of GDP in 2019 compared to 3.4% of GDP in 2018. It should increase in 1.7 points in 2020 to settle at 4.3% of GDP.
The measures taken by the Togolese government since 2017 to reduce the risk of refinancing and the weight of debt service in the budget should make it possible to reduce the debt rate from 81.4 % in 2016 to 70.9% in 2019. This commitment by the Togolese government is in line with the guidelines of the program concluded with the IMF over the 2017-2019 period under the Extended Credit Facility (FEC). In 2020, the debt rate should be under the community standard with a projected rate of 69.1%.

Economic data

	2015	2016	2017	2018	2019	2020
Real GDP growth (%)	5.7	5.6	4.4	4.9	5.3	1.3
Inflation rate (annual average)	1.8	0.9	-0.2	0.9	0.6	2.0
Underlying budget balance/Nominal GDP (%)*	-6.3	-8.2	-0.3	-0.8	-1.1	-9.3
Investment ratio^*	32.2	32.0	23.6	25.3	26.3	22.0
Current balance, grants included^*	-11.2	-9.7	-2.0	-3.4	-2.6	-4.3
Overall debt^*	72.1	81.4	76.0	76.2	70.9	69.1

Sources : BCEAO, February 2020. except overall debt (IMF, Regional Economic Outlook : sub-Saharan Africa, April 2020) * in % of GDP

Issuances

Issuer	Instrument	Additional details	Date of operation	Value date	Deadline	More info	Status
Togo	T-Bond	Obligations de Relance (OdR)	19/03/2021	22/03/2021	22/03/2028	More info \| *Completed*	realized	Togo 19/03/2021
Togo SI (Security 1)	T-Bond	Obligations de Relance (OdR)	05/03/2021	08/03/2021	08/03/2024	More info \| *Completed*	realized	SI - Togo 05/03/2021
Togo SI (Security 2)	T-Bond	Obligations de Relance (OdR)	05/03/2021	08/03/2021	22/02/2026	More info \| *Completed*	realized	SI - Togo 05/03/2021
Togo	T-Bond	Obligations de Relance (OdR)	19/02/2021	22/02/2021	22/02/2026	More info \| *Completed*	realized	Togo 19/02/2021
Togo SI (Security 1)	T-Bond		22/01/2021	25/01/2021	25/01/2024	More info \| *Completed*	realized	SI - Togo 22/01/2021
Togo SI (Security 2)	T-Bond		22/01/2021	25/01/2021	25/01/2026	More info \| *Completed*	realized	SI - Togo 22/01/2021
Togo SI (Security 3)	T-Bond		22/01/2021	25/01/2021	25/01/2028	More info \| *Completed*	realized	SI - Togo 22/01/2021
Togo	T-Bill		08/01/2021	11/01/2021	11/07/2021	More info \| *Completed*	realized	Togo 08/01/2021
Togo SI (Security 1)	T-Bond		27/11/2020	30/11/2020	26/10/2025	More info \| *Completed*	realized	SI - Togo 27/11/2020
Togo SI (Security 2)	T-Bond		27/11/2020	30/11/2020	16/03/2027	More info \| *Completed*	realized	SI - Togo 27/11/2020
Togo	T-Bond		13/11/2020	16/11/2020	--	More info *canceled* \| *Completed*	*canceled*	Togo 13/11/2020
Togo SI (Security 1)	T-Bond		23/10/2020	26/10/2020	26/10/2025	More info \| *Completed*	realized	SI - Togo 23/10/2020
Togo SI (Security 2)	T-Bond		23/10/2020	26/10/2020	16/03/2027	More info \| *Completed*	realized	SI - Togo 23/10/2020
Togo SI (Security 1)	T-Bill		13/06/2017	14/06/2017	12/09/2017	More info *canceled* \| *Completed*	*canceled*	SI - Togo 13/06/2017
Togo SI (Security 2)	T-Bill		13/06/2017	14/06/2017	12/12/2017	More info *canceled* \| *Completed*	*canceled*	SI - Togo 13/06/2017
Togo SI (Security 3)	T-Bond		13/06/2017	14/06/2017	31/05/2020	More info *canceled* \| *Completed*	*canceled*	SI - Togo 13/06/2017
Togo	T-Bill	Bons Covid-19	13/08/2020	14/08/2020	12/11/2020	More info \| *Completed*	realized	Togo 13/08/2020
Togo	T-Bond		25/09/2020	28/09/2020	24/08/2025	More info \| *Completed*	realized	Togo 25/09/2020
Togo	T-Bond		11/09/2020	14/09/2020	24/08/2023	More info \| *Completed*	realized	Togo 11/09/2020
Togo SI (Security 1)	T-Bond		21/08/2020	24/08/2020	24/08/2023	More info \| *Completed*	realized	SI - Togo 21/08/2020
Togo SI (Security 2)	T-Bond		21/08/2020	24/08/2020	24/08/2025	More info \| *Completed*	realized	SI - Togo 21/08/2020
Togo SI (Security 1)	T-Bond		10/08/2020	11/08/2020	11/08/2023	More info \| *Completed*	realized	SI - Togo 10/08/2020
Togo SI (Security 2)	T-Bond		10/08/2020	11/08/2020	11/08/2025	More info \| *Completed*	realized	SI - Togo 10/08/2020
Togo SI (Security 1)	T-Bond		10/07/2020	13/07/2020	13/07/2023	More info \| *Completed*	realized	SI - Togo 10/07/2020
Togo SI (Security 2)	T-Bond		10/07/2020	13/07/2020	13/07/2025	More info \| *Completed*	realized	SI - Togo 10/07/2020
Togo	T-Bond		13/11/2014	14/11/2014	14/11/2019	More info \| *Completed*	realized	Togo 13/11/2014
Togo	T-Bond		17/07/2014	18/07/2014	18/07/2019	More info \| *Completed*	realized	Togo 17/07/2014
Togo	T-Bond		04/09/2014	05/09/2014	05/09/2019	More info \| *Completed*	realized	Togo 04/09/2014
Togo	T-Bill		20/09/2019	--	--	More info *canceled* \| *Completed*	*canceled*	Togo 20/09/2019
Togo	T-Bill		23/11/2018	--	--	More info *canceled* \| *Completed*	*canceled*	Togo 23/11/2018
Togo	T-Bill		15/11/2019	--	--	More info *canceled* \| *Completed*	*canceled*	Togo 15/11/2019
Togo	T-Bill		23/08/2019	--	--	More info *canceled* \| *Completed*	*canceled*	Togo 23/08/2019
Togo	T-Bill	Bons COVID-19	14/05/2020	15/05/2020	13/08/2020	More info \| *Completed*	realized	Togo 14/05/2020
Togo	T-Bill		05/06/2020	08/06/2020	06/06/2021	More info \| *Completed*	realized	Togo 05/06/2020
Togo	T-Bond		31/01/2020	03/02/2020	03/02/2023	More info \| *Completed*	realized	Togo 31/01/2020
Togo	T-Bond		28/02/2020	02/03/2020	02/03/2025	More info \| *Completed*	realized	Togo 28/02/2020
Togo	T-Bond		14/02/2020	17/02/2020	03/02/2023	More info \| *Completed*	realized	Togo 14/02/2020
Togo	T-Bond		04/10/2019	07/10/2019	07/10/2022	More info \| *Completed*	realized	Togo 04/10/2019
Togo	T-Bond		06/09/2019	09/09/2019	09/09/2024	More info \| *Completed*	realized	Togo 06/09/2019
Togo	T-Bond		09/08/2019	13/08/2019	15/07/2022	More info \| *Completed*	realized	Togo 09/08/2019
Togo	T-Bond		26/07/2019	29/07/2019	11/03/2024	More info \| *Completed*	realized	Togo 26/07/2019
Togo	T-Bond		12/07/2019	15/07/2019	15/07/2022	More info \| *Completed*	realized	Togo 12/07/2019
Togo	T-Bond		28/06/2019	01/07/2019	03/06/2022	More info \| *Completed*	realized	Togo 28/06/2019
Togo	T-Bond		31/05/2019	03/06/2019	03/06/2022	More info \| *Completed*	realized	Togo 31/05/2019
Togo	T-Bond		17/05/2019	20/05/2019	11/03/2024	More info \| *Completed*	realized	Togo 17/05/2019
Togo	T-Bond		05/04/2019	08/04/2019	11/03/2022	More info \| *Completed*	realized	Togo 05/04/2019
Togo	T-Bond		08/02/2019	11/02/2019	11/02/2022	More info \| *Completed*	realized	Togo 08/02/2019
Togo	T-Bond		25/01/2019	28/01/2019	28/01/2022	More info \| *Completed*	realized	Togo 25/01/2019
Togo	T-Bond		22/02/2019	25/02/2019	23/04/2021	More info \| *Completed*	realized	Togo 22/02/2019
Togo	T-Bond		31/08/2018	03/09/2018	03/09/2021	More info \| *Completed*	realized	Togo 31/08/2018
Togo	T-Bond		08/06/2018	11/06/2018	11/06/2021	More info \| *Completed*	realized	Togo 08/06/2018
Togo	T-Bond		17/08/2018	20/08/2018	21/04/2020	More info \| *Completed*	realized	Togo 17/08/2018
Togo	T-Bond		20/04/2018	23/04/2018	23/04/2021	More info \| *Completed*	realized	Togo 20/04/2018
Togo	T-Bond		30/03/2018	03/04/2018	03/04/2023	More info \| *Completed*	realized	Togo 30/03/2018
Togo	T-Bond		02/03/2018	05/03/2018	29/01/2021	More info \| *Completed*	realized	Togo 02/03/2018
Togo	T-Bond		26/01/2018	29/01/2018	29/01/2021	More info \| *Completed*	realized	Togo 26/01/2018
Togo	T-Bond		08/08/2017	09/08/2017	09/08/2024	More info \| *Completed*	realized	Togo 08/08/2017
Togo	T-Bond		08/02/2017	09/02/2017	09/02/2020	More info \| *Completed*	realized	Togo 08/02/2017
Togo	T-Bond		15/12/2016	16/12/2016	05/02/2021	More info \| *Completed*	realized	Togo 15/12/2016
Togo	T-Bond		20/10/2016	21/10/2016	15/07/2023	More info \| *Completed*	realized	Togo 20/10/2016
Togo	T-Bond		14/07/2016	15/07/2016	15/07/2023	More info \| *Completed*	realized	Togo 14/07/2016
Togo	T-Bond		25/04/2016	26/04/2016	26/04/2019	More info \| *Completed*	realized	Togo 25/04/2016
Togo	T-Bond		04/02/2016	05/02/2016	05/02/2021	More info \| *Completed*	realized	Togo 04/02/2016
Togo	T-Bond		19/11/2015	20/11/2015	20/11/2020	More info \| *Completed*	realized	Togo 19/11/2015
Togo	T-Bond		09/07/2015	10/07/2015	10/07/2020	More info \| *Completed*	realized	Togo 09/07/2015
Togo	T-Bond		03/03/2015	04/03/2015	04/03/2020	More info \| *Completed*	realized	Togo 03/03/2015
Togo	T-Bond		29/01/2015	30/01/2015	30/01/2018	More info \| *Completed*	realized	Togo 29/01/2015
Togo	T-Bill		13/01/2016	14/01/2016	11/01/2017	More info \| *Completed*	realized	Togo 13/01/2016
Togo	T-Bill		23/07/2015	24/07/2015	20/07/2017	More info \| *Completed*	realized	Togo 23/07/2015
Togo	T-Bill		08/04/2015	09/04/2015	06/04/2016	More info \| *Completed*	realized	Togo 08/04/2015
Togo	T-Bill		10/12/2014	11/12/2014	09/12/2015	More info \| *Completed*	realized	Togo 10/12/2014
Togo	T-Bill		14/01/2015	15/01/2015	15/07/2015	More info \| *Completed*	realized	Togo 14/01/2015
Togo	T-Bill		13/10/2014	14/10/2014	12/10/2015	More info \| *Completed*	realized	Togo 13/10/2014
Togo	T-Bill		20/05/2014	21/05/2014	17/02/2015	More info \| *Completed*	realized	Togo 20/05/2014
Togo	T-Bill		17/04/2014	18/04/2014	16/04/2015	More info \| *Completed*	realized	Togo 17/04/2014
Togo	T-Bill		16/01/2014	17/01/2014	15/01/2015	More info \| *Completed*	realized	Togo 16/01/2014
Togo	T-Bill		17/04/2020	20/04/2020	18/04/2021	More info \| *Completed*	realized	Togo 17/04/2020
Togo	T-Bill		17/01/2020	20/01/2020	17/01/2021	More info \| *Completed*	realized	Togo 17/01/2020
Togo	T-Bill		14/06/2019	17/06/2019	14/06/2020	More info \| *Completed*	realized	Togo 14/06/2019
Togo	T-Bill		19/04/2019	23/04/2019	20/04/2020	More info \| *Completed*	realized	Togo 19/04/2019
Togo	T-Bill		10/01/2019	11/01/2019	09/01/2020	More info \| *Completed*	realized	Togo 10/01/2019
Togo	T-Bill		12/10/2018	15/10/2018	13/10/2019	More info \| *Completed*	realized	Togo 12/10/2018
Togo	T-Bill		28/09/2018	01/10/2018	29/09/2019	More info \| *Completed*	realized	Togo 28/09/2018
Togo	T-Bill		22/06/2018	25/06/2018	23/06/2019	More info \| *Completed*	realized	Togo 22/06/2018
Togo	T-Bill		04/05/2018	07/05/2018	05/05/2019	More info \| *Completed*	realized	Togo 04/05/2018
Togo	T-Bill		16/03/2018	19/03/2018	17/03/2019	More info \| *Completed*	realized	Togo 16/03/2018
Togo	T-Bill		16/02/2018	19/02/2018	17/02/2019	More info \| *Completed*	realized	Togo 16/02/2018
Togo	T-Bill		12/01/2018	15/01/2018	13/01/2019	More info \| *Completed*	realized	Togo 12/01/2018
Togo	T-Bill		11/10/2017	12/10/2017	10/10/2018	More info \| *Completed*	realized	Togo 11/10/2017
Togo	T-Bill		17/07/2017	18/07/2017	16/10/2017	More info \| *Completed*	realized	Togo 17/07/2017
Togo	T-Bill		29/09/2016	30/09/2016	27/09/2018	More info \| *Completed*	realized	Togo 29/09/2016
Togo	T-Bill		16/03/2016	17/03/2016	14/09/2016	More info \| *Completed*	realized	Togo 16/03/2016
Togo	T-Bill		25/05/2016	26/05/2016	23/05/2018	More info \| *Completed*	realized	Togo 25/05/2016
Togo	T-Bill		30/03/2016	31/03/2016	28/03/2018	More info \| *Completed*	realized	Togo 30/03/2016
Togo	T-Bill		03/12/2015	04/12/2015	30/11/2017	More info \| *Completed*	realized	Togo 03/12/2015
Togo	T-Bill		08/10/2015	09/10/2015	06/10/2016	More info \| *Completed*	realized	Togo 08/10/2015
Togo	T-Bill		11/02/2015	12/02/2015	10/02/2016	More info \| *Completed*	realized	Togo 11/02/2015
Togo SI (Security 1)	T-Bond		08/05/2020	11/05/2020	16/03/2023	More info \| *Completed*	realized	SI - Togo 08/05/2020
Togo SI (Security 2)	T-Bond		08/05/2020	11/05/2020	02/03/2025	More info \| *Completed*	realized	SI - Togo 08/05/2020
Togo SI (Security 1)	T-Bond		13/03/2020	16/03/2020	16/03/2023	More info \| *Completed*	realized	SI - Togo 13/03/2020
Togo SI (Security 2)	T-Bond		13/03/2020	16/03/2020	02/03/2025	More info \| *Completed*	realized	SI - Togo 13/03/2020
Togo SI (Security 3)	T-Bond		13/03/2020	16/03/2020	16/03/2027	More info \| *Completed*	realized	SI - Togo 13/03/2020
Togo SI (Security 1)	T-Bond		08/03/2019	11/03/2019	11/03/2022	More info \| *Completed*	realized	SI - Togo 08/03/2019
Togo SI (Security 2)	T-Bond		08/03/2019	11/03/2019	11/03/2024	More info \| *Completed*	realized	SI - Togo 08/03/2019
Togo SI (Security 1)	T-Bond		26/10/2018	29/10/2018	20/09/2020	More info \| *Completed*	realized	SI - Togo 26/10/2018
Togo SI (Security 2)	T-Bond		26/10/2018	29/10/2018	20/09/2022	More info \| *Completed*	realized	SI - Togo 26/10/2018
Togo SI (Security 1)	T-Bond		20/07/2018	23/07/2018	23/07/2021	More info \| *Completed*	realized	SI - Togo 20/07/2018
Togo SI (Security 2)	T-Bond		20/07/2018	23/07/2018	23/07/2023	More info \| *Completed*	realized	SI - Togo 20/07/2018
Togo SI (Security 1)	T-Bill		20/11/2017	21/11/2017	29/05/2018	More info \| *Completed*	realized	SI - Togo 20/11/2017
Togo SI (Security 2)	T-Bond		20/11/2017	21/11/2017	15/11/2020	More info \| *Completed*	realized	SI - Togo 20/11/2017
Togo SI (Security 1)	T-Bill		03/11/2017	06/11/2017	10/10/2018	More info \| *Completed*	realized	SI - Togo 03/11/2017
Togo SI (Security 2)	T-Bond		03/11/2017	06/11/2017	06/11/2020	More info \| *Completed*	realized	SI - Togo 03/11/2017
Togo SI (Security 1)	T-Bond		04/07/2017	05/07/2017	05/07/2020	More info \| *Completed*	realized	SI - Togo 04/07/2017
Togo SI (Security 2)	T-Bond		04/07/2017	05/07/2017	05/07/2022	More info \| *Completed*	realized	SI - Togo 04/07/2017
Togo SI (Security 1)	T-Bill		29/11/2017	30/11/2017	28/11/2018	More info \| *Completed*	realized	SI - Togo 29/11/2017
Togo SI (Security 2)	T-Bond		29/11/2017	30/11/2017	15/11/2020	More info \| *Completed*	realized	SI - Togo 29/11/2017
Togo SI (Security 1)	T-Bill		14/11/2017	15/11/2017	14/02/2018	More info \| *Completed*	realized	SI - Togo 14/11/2017
Togo SI (Security 2)	T-Bond		14/11/2017	15/11/2017	15/11/2020	More info \| *Completed*	realized	SI - Togo 14/11/2017
Togo SI (Security 1)	T-Bond		19/09/2017	20/09/2017	20/09/2020	More info \| *Completed*	realized	SI - Togo 19/09/2017
Togo SI (Security 2)	T-Bond		19/09/2017	20/09/2017	20/09/2022	More info \| *Completed*	realized	SI - Togo 19/09/2017
Togo SI (Security 3)	T-Bond		19/09/2017	20/09/2017	20/09/2024	More info \| *Completed*	realized	SI - Togo 19/09/2017
Togo SI (Security 1)	T-Bill		30/05/2017	31/05/2017	29/05/2018	More info \| *Completed*	realized	SI - Togo 30/05/2017
Togo SI (Security 2)	T-Bond		30/05/2017	31/05/2017	31/05/2020	More info \| *Completed*	realized	SI - Togo 30/05/2017
Togo SI (Security 3)	T-Bond		30/05/2017	31/05/2017	31/05/2028	More info \| *Completed*	realized	SI - Togo 30/05/2017
Togo SI (Security 1)	T-Bill		22/05/2017	23/05/2017	21/08/2017	More info \| *Completed*	realized	SI - Togo 22/05/2017
Togo SI (Security 2)	T-Bill		22/05/2017	23/05/2017	20/11/2017	More info \| *Completed*	realized	SI - Togo 22/05/2017
Togo SI (Security 3)	T-Bond		22/05/2017	23/05/2017	21/04/2020	More info \| *Completed*	realized	SI - Togo 22/05/2017
Togo SI (Security 1)	T-Bill		20/04/2017	21/04/2017	19/10/2017	More info \| *Completed*	realized	SI - Togo 20/04/2017
Togo SI (Security 2)	T-Bond		20/04/2017	21/04/2017	21/04/2020	More info \| *Completed*	realized	SI - Togo 20/04/2017
Togo SI (Security 1)	T-Bill		05/01/2017	06/01/2017	06/07/2017	More info \| *Completed*	realized	SI - Togo 05/01/2017
Togo SI (Security 2)	T-Bond		05/01/2017	06/01/2017	06/01/2020	More info \| *Completed*	realized	SI - Togo 05/01/2017
Togo	T-Bond		14/09/2018	17/09/2018	17/09/2021	More info *reported* \| *Completed*	*reported*	Togo 14/09/2018
Togo	T-Bond		18/05/2018	21/05/2018	21/04/2020	More info *reported* \| *Completed*	*reported*	Togo 18/05/2018

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AVIS D’APPEL D’OFFRES POUR LA SÉLECTION D’UN CONSULTANT OU D’UN CABINET CHARGE DE LA CONCEPTION DE PARCOURS MÉTIERS ET DES MODULES DE CERTIFICATION FINANCIÈRE CISI DANS LA ZONE UEMOA Agence UMOA-Titres WAEMU Sponsor at Bonds, Loans & Sukuk Africa 2020 Bonds, Loans and Sukuk Africa 2020: Agence UMOA-Titres is co-hosting a roundtable dedicated to the WAEMU Government Securities Market Agence UMOA-Titres : as the silver sponsor at the 9th annual Bonds, Loans & Sukuk Africa 2020 Moody’s assigns B3 first-time issuer rating to the Government of the Republic of Mali with a stable outlook

	SI
60 000MILLIONS F CFA
Completed	Results

	T-Bill
30 000MILLIONS F CFA
Completed	Results

	SI
21 000MILLIONS F CFA
Completed	Results

	T-Bill
50 000MILLIONS F CFA
Completed	Results