• Togo’s outstanding debt on UMOA-Titres fell to CFA1,810.5 billion in 2025

• The country raised CFA411 billion, down from 2024 levels

• Strategy shifted toward longer maturities via the BRVM segment

Togo reduced its outstanding debt on the WAEMU regional public securities market in 2025. This marks a rare case of contraction among member states. Consolidated data from UMOA-Titres show that Togolese debt held by regional investors declined by 5.6% over the year to CFA1,810.5 billion.

This trend contrasts with developments in most other WAEMU countries, where outstanding debt levels continued to rise in 2025. At the regional level, total WAEMU debt outstanding posted a modest decline of 3.7%, but this overall figure masks wide national differences. Côte d’Ivoire recorded a sharper drop of 15.4%, while several countries increased their exposure to regional investors, including Niger (+7.2%), Mali (+2.2%), and Senegal (+2%).

Lomé raised CFA411 billion on the regional market in 2025, a level well below that of 2024, which had already declined from previous years. This reduction does not reflect a withdrawal from the regional market, but rather a recalibration of the government’s financing strategy. Togo gradually scaled back its use of traditional UMOA-Titres auctions in favor of longer-maturity financing, relying more heavily on the BRVM-linked segment of the regional market, notably through syndicated operations.

The objective is to better spread maturities and ease refinancing pressure, at a time when several WAEMU states faced a heavy maturity wall in 2025, inherited from years of tight banking liquidity.

By contrast, 2025 was marked by strong overall activity on the regional market. WAEMU states raised a combined CFA11,860 billion during the year, up 45.9% year on year, with a sharp increase in bond issuances (+89.5%). This reflects a broader regional push to extend maturities and smooth debt repayment profiles.

Fiacre E. Kakpo