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%.
| 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
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| Instrument | Date of operation | Value date | Deadline | Amount(millions of FCFA) | More info |
|---|---|---|---|---|---|
| T-Bill | 27/11/2020 | 30/11/2020 | -- | 20 000 | More info | Scheduled |
| T-Bond | 13/11/2020 | 16/11/2020 | -- | 15 000 | More info | Scheduled |
| T-Bond SI (Security 1) | 23/10/2020 | 26/10/2020 | 26/10/2025 | 25 000 | More info | Completed |
| T-Bond SI (Security 2) | 23/10/2020 | 26/10/2020 | 16/03/2027 | 25 000 | More info | Completed |
| T-Bill SI (Security 3) | 13/06/2017 | 14/06/2017 | 12/09/2017 | 25 000 | More info canceled | Completed |
| T-Bill SI (Security 4) | 13/06/2017 | 14/06/2017 | 12/12/2017 | 25 000 | More info canceled | Completed |
| T-Bond SI (Security 5) | 13/06/2017 | 14/06/2017 | 31/05/2020 | 25 000 | More info canceled | Completed |
| T-Bill | 13/08/2020 | 14/08/2020 | 12/11/2020 | 70 000 | More info | Completed |
| T-Bond | 25/09/2020 | 28/09/2020 | 24/08/2025 | 25 000 | More info | Completed |
| T-Bond | 11/09/2020 | 14/09/2020 | 24/08/2023 | 25 000 | More info | Completed |
| T-Bond SI (Security 6) | 21/08/2020 | 24/08/2020 | 24/08/2023 | 30 000 | More info | Completed |
| T-Bond SI (Security 7) | 21/08/2020 | 24/08/2020 | 24/08/2025 | 30 000 | More info | Completed |
| T-Bond SI (Security 8) | 10/08/2020 | 11/08/2020 | 11/08/2023 | 25 000 | More info | Completed |
| T-Bond SI (Security 9) | 10/08/2020 | 11/08/2020 | 11/08/2025 | 25 000 | More info | Completed |
| T-Bond SI (Security 10) | 10/07/2020 | 13/07/2020 | 13/07/2023 | 30 000 | More info | Completed |
| T-Bond SI (Security 11) | 10/07/2020 | 13/07/2020 | 13/07/2025 | 30 000 | More info | Completed |
| T-Bond | 13/11/2014 | 14/11/2014 | 14/11/2019 | 41 000 | More info | Completed |
| T-Bond | 17/07/2014 | 18/07/2014 | 18/07/2019 | 35 000 | More info | Completed |
| T-Bond | 04/09/2014 | 05/09/2014 | 05/09/2019 | 30 000 | More info | Completed |
| T-Bill | 20/09/2019 | -- | -- | 15 000 | More info canceled | Completed |
| T-Bill | 23/11/2018 | -- | -- | 20 000 | More info canceled | Completed |
| T-Bill | 15/11/2019 | -- | -- | 20 000 | More info canceled | Completed |
| T-Bill | 23/08/2019 | -- | -- | 20 000 | More info canceled | Completed |
| T-Bill | 14/05/2020 | 15/05/2020 | 13/08/2020 | 108 000 | More info | Completed |
| T-Bill | 05/06/2020 | 08/06/2020 | 06/06/2021 | 20 000 | More info | Completed |
| T-Bond | 31/01/2020 | 03/02/2020 | 03/02/2023 | 25 000 | More info | Completed |
| T-Bond | 28/02/2020 | 02/03/2020 | 02/03/2025 | 25 000 | More info | Completed |
| T-Bond | 14/02/2020 | 17/02/2020 | 03/02/2023 | 25 000 | More info | Completed |
| T-Bond | 04/10/2019 | 07/10/2019 | 07/10/2022 | 20 000 | More info | Completed |
| T-Bond | 06/09/2019 | 09/09/2019 | 09/09/2024 | 20 000 | More info | Completed |
| T-Bond | 09/08/2019 | 13/08/2019 | 15/07/2022 | 20 000 | More info | Completed |
| T-Bond | 26/07/2019 | 29/07/2019 | 11/03/2024 | 20 000 | More info | Completed |
| T-Bond | 12/07/2019 | 15/07/2019 | 15/07/2022 | 20 000 | More info | Completed |
| T-Bond | 28/06/2019 | 01/07/2019 | 03/06/2022 | 20 000 | More info | Completed |
| T-Bond | 31/05/2019 | 03/06/2019 | 03/06/2022 | 15 000 | More info | Completed |
| T-Bond | 17/05/2019 | 20/05/2019 | 11/03/2024 | 20 000 | More info | Completed |
| T-Bond | 05/04/2019 | 08/04/2019 | 11/03/2022 | 20 000 | More info | Completed |
| T-Bond | 08/02/2019 | 11/02/2019 | 11/02/2022 | 20 000 | More info | Completed |
| T-Bond | 25/01/2019 | 28/01/2019 | 28/01/2022 | 20 000 | More info | Completed |
| T-Bond | 22/02/2019 | 25/02/2019 | 23/04/2021 | 15 000 | More info | Completed |
| T-Bond | 31/08/2018 | 03/09/2018 | 03/09/2021 | 20 000 | More info | Completed |
| T-Bond | 08/06/2018 | 11/06/2018 | 11/06/2021 | 20 000 | More info | Completed |
| T-Bond | 17/08/2018 | 20/08/2018 | 21/04/2020 | 20 000 | More info | Completed |
| T-Bond | 20/04/2018 | 23/04/2018 | 23/04/2021 | 15 000 | More info | Completed |
| T-Bond | 30/03/2018 | 03/04/2018 | 03/04/2023 | 20 000 | More info | Completed |
| T-Bond | 02/03/2018 | 05/03/2018 | 29/01/2021 | 20 000 | More info | Completed |
| T-Bond | 26/01/2018 | 29/01/2018 | 29/01/2021 | 15 000 | More info | Completed |
| T-Bond | 08/08/2017 | 09/08/2017 | 09/08/2024 | 166 000 | More info | Completed |
| T-Bond | 08/02/2017 | 09/02/2017 | 09/02/2020 | 25 000 | More info | Completed |
| T-Bond | 15/12/2016 | 16/12/2016 | 05/02/2021 | 30 000 | More info | Completed |
| T-Bond | 20/10/2016 | 21/10/2016 | 15/07/2023 | 30 000 | More info | Completed |
| T-Bond | 14/07/2016 | 15/07/2016 | 15/07/2023 | 30 000 | More info | Completed |
| T-Bond | 25/04/2016 | 26/04/2016 | 26/04/2019 | 30 000 | More info | Completed |
| T-Bond | 04/02/2016 | 05/02/2016 | 05/02/2021 | 30 000 | More info | Completed |
| T-Bond | 19/11/2015 | 20/11/2015 | 20/11/2020 | 30 000 | More info | Completed |
| T-Bond | 09/07/2015 | 10/07/2015 | 10/07/2020 | 30 000 | More info | Completed |
| T-Bond | 03/03/2015 | 04/03/2015 | 04/03/2020 | 30 000 | More info | Completed |
| T-Bond | 29/01/2015 | 30/01/2015 | 30/01/2018 | 30 000 | More info | Completed |
| T-Bill | 13/01/2016 | 14/01/2016 | 11/01/2017 | 30 000 | More info | Completed |
| T-Bill | 23/07/2015 | 24/07/2015 | 20/07/2017 | 30 000 | More info | Completed |
| T-Bill | 08/04/2015 | 09/04/2015 | 06/04/2016 | 30 000 | More info | Completed |
| T-Bill | 10/12/2014 | 11/12/2014 | 09/12/2015 | 25 000 | More info | Completed |
| T-Bill | 14/01/2015 | 15/01/2015 | 15/07/2015 | 30 000 | More info | Completed |
| T-Bill | 13/10/2014 | 14/10/2014 | 12/10/2015 | 25 000 | More info | Completed |
| T-Bill | 20/05/2014 | 21/05/2014 | 17/02/2015 | 25 000 | More info | Completed |
| T-Bill | 17/04/2014 | 18/04/2014 | 16/04/2015 | 30 000 | More info | Completed |
| T-Bill | 16/01/2014 | 17/01/2014 | 15/01/2015 | 25 000 | More info | Completed |
| T-Bill | 17/04/2020 | 20/04/2020 | 18/04/2021 | 20 000 | More info | Completed |
| T-Bill | 17/01/2020 | 20/01/2020 | 17/01/2021 | 25 000 | More info | Completed |
| T-Bill | 14/06/2019 | 17/06/2019 | 14/06/2020 | 20 000 | More info | Completed |
| T-Bill | 19/04/2019 | 23/04/2019 | 20/04/2020 | 20 000 | More info | Completed |
| T-Bill | 10/01/2019 | 11/01/2019 | 09/01/2020 | 20 000 | More info | Completed |
| T-Bill | 12/10/2018 | 15/10/2018 | 13/10/2019 | 25 000 | More info | Completed |
| T-Bill | 28/09/2018 | 01/10/2018 | 29/09/2019 | 20 000 | More info | Completed |
| T-Bill | 22/06/2018 | 25/06/2018 | 23/06/2019 | 20 000 | More info | Completed |
| T-Bill | 04/05/2018 | 07/05/2018 | 05/05/2019 | 20 000 | More info | Completed |
| T-Bill | 16/03/2018 | 19/03/2018 | 17/03/2019 | 20 000 | More info | Completed |
| T-Bill | 16/02/2018 | 19/02/2018 | 17/02/2019 | 20 000 | More info | Completed |
| T-Bill | 12/01/2018 | 15/01/2018 | 13/01/2019 | 15 000 | More info | Completed |
| T-Bill | 11/10/2017 | 12/10/2017 | 10/10/2018 | 25 000 | More info | Completed |
| T-Bill | 17/07/2017 | 18/07/2017 | 16/10/2017 | 25 000 | More info | Completed |
| T-Bill | 29/09/2016 | 30/09/2016 | 27/09/2018 | 35 000 | More info | Completed |
| T-Bill | 16/03/2016 | 17/03/2016 | 14/09/2016 | 25 000 | More info | Completed |
| T-Bill | 25/05/2016 | 26/05/2016 | 23/05/2018 | 20 000 | More info | Completed |
| T-Bill | 30/03/2016 | 31/03/2016 | 28/03/2018 | 35 000 | More info | Completed |
| T-Bill | 03/12/2015 | 04/12/2015 | 30/11/2017 | 30 000 | More info | Completed |
| T-Bill | 08/10/2015 | 09/10/2015 | 06/10/2016 | 30 000 | More info | Completed |
| T-Bill | 11/02/2015 | 12/02/2015 | 10/02/2016 | 30 000 | More info | Completed |
| T-Bond SI (Security 12) | 08/05/2020 | 11/05/2020 | 16/03/2023 | 35 000 | More info | Completed |
| T-Bond SI (Security 13) | 08/05/2020 | 11/05/2020 | 02/03/2025 | 35 000 | More info | Completed |
| T-Bond SI (Security 14) | 13/03/2020 | 16/03/2020 | 16/03/2023 | 50 000 | More info | Completed |
| T-Bond SI (Security 15) | 13/03/2020 | 16/03/2020 | 02/03/2025 | 50 000 | More info | Completed |
| T-Bond SI (Security 16) | 13/03/2020 | 16/03/2020 | 16/03/2027 | 50 000 | More info | Completed |
| T-Bond SI (Security 17) | 08/03/2019 | 11/03/2019 | 11/03/2022 | 20 000 | More info | Completed |
| T-Bond SI (Security 18) | 08/03/2019 | 11/03/2019 | 11/03/2024 | 20 000 | More info | Completed |
| T-Bond SI (Security 19) | 26/10/2018 | 29/10/2018 | 20/09/2020 | 50 000 | More info | Completed |
| T-Bond SI (Security 20) | 26/10/2018 | 29/10/2018 | 20/09/2022 | 50 000 | More info | Completed |
| T-Bond SI (Security 21) | 20/07/2018 | 23/07/2018 | 23/07/2021 | 50 000 | More info | Completed |
| T-Bond SI (Security 22) | 20/07/2018 | 23/07/2018 | 23/07/2023 | 50 000 | More info | Completed |
| T-Bill SI (Security 23) | 20/11/2017 | 21/11/2017 | 29/05/2018 | 15 000 | More info | Completed |
| T-Bond SI (Security 24) | 20/11/2017 | 21/11/2017 | 15/11/2020 | 15 000 | More info | Completed |
| T-Bill SI (Security 25) | 03/11/2017 | 06/11/2017 | 10/10/2018 | 25 000 | More info | Completed |
| T-Bond SI (Security 26) | 03/11/2017 | 06/11/2017 | 06/11/2020 | 25 000 | More info | Completed |
| T-Bond SI (Security 27) | 04/07/2017 | 05/07/2017 | 05/07/2020 | 30 000 | More info | Completed |
| T-Bond SI (Security 28) | 04/07/2017 | 05/07/2017 | 05/07/2022 | 30 000 | More info | Completed |
| T-Bill SI (Security 29) | 29/11/2017 | 30/11/2017 | 28/11/2018 | 15 000 | More info | Completed |
| T-Bond SI (Security 30) | 29/11/2017 | 30/11/2017 | 15/11/2020 | 15 000 | More info | Completed |
| T-Bill SI (Security 31) | 14/11/2017 | 15/11/2017 | 14/02/2018 | 25 000 | More info | Completed |
| T-Bond SI (Security 32) | 14/11/2017 | 15/11/2017 | 15/11/2020 | 25 000 | More info | Completed |
| T-Bond SI (Security 33) | 19/09/2017 | 20/09/2017 | 20/09/2020 | 30 000 | More info | Completed |
| T-Bond SI (Security 34) | 19/09/2017 | 20/09/2017 | 20/09/2022 | 30 000 | More info | Completed |
| T-Bond SI (Security 35) | 19/09/2017 | 20/09/2017 | 20/09/2024 | 30 000 | More info | Completed |
| T-Bill SI (Security 36) | 30/05/2017 | 31/05/2017 | 29/05/2018 | 60 000 | More info | Completed |
| T-Bond SI (Security 37) | 30/05/2017 | 31/05/2017 | 31/05/2020 | 60 000 | More info | Completed |
| T-Bond SI (Security 38) | 30/05/2017 | 31/05/2017 | 31/05/2028 | 60 000 | More info | Completed |
| T-Bill SI (Security 39) | 22/05/2017 | 23/05/2017 | 21/08/2017 | 25 000 | More info | Completed |
| T-Bill SI (Security 40) | 22/05/2017 | 23/05/2017 | 20/11/2017 | 25 000 | More info | Completed |
| T-Bond SI (Security 41) | 22/05/2017 | 23/05/2017 | 21/04/2020 | 25 000 | More info | Completed |
| T-Bill SI (Security 42) | 20/04/2017 | 21/04/2017 | 19/10/2017 | 20 000 | More info | Completed |
| T-Bond SI (Security 43) | 20/04/2017 | 21/04/2017 | 21/04/2020 | 20 000 | More info | Completed |
| T-Bill SI (Security 44) | 05/01/2017 | 06/01/2017 | 06/07/2017 | 20 000 | More info | Completed |
| T-Bond SI (Security 45) | 05/01/2017 | 06/01/2017 | 06/01/2020 | 20 000 | More info | Completed |
| T-Bond | 14/09/2018 | 17/09/2018 | 17/09/2021 | 20 000 | More info reported | Completed |
| T-Bond | 18/05/2018 | 21/05/2018 | 21/04/2020 | 20 000 | More info reported | Completed |
News
Bonds, Loans and Sukuk Africa 2020: Agence UMOA-Titres is co-hosting a roundtable dedicated to the WAEMU Government Securities MarketAgence UMOA-Titres : as the silver sponsor at the 9th annual Bonds, Loans & Sukuk Africa 2020Moody’s assigns B3 first-time issuer rating to the Government of the Republic of Mali with a stable outlookHow the WAEMU Government Securities Market works ?Government Securities Market Figures – 4th quarter 2018