• Togo plans to raise CFA25 billion ($40.5 million) through short- and medium-term debt securities on the UMOA-Titres market on October 24, 2025.

• The country has already mobilized CFA264.5 billion in 2025, representing 79% of its annual borrowing target of CFA332 billion.

• Togo’s recent difficulties in bond auctions stemmed from rising debt levels, fiscal deficits, and an increased perception of sovereign risk.

After nearly three months of absence, Togo is returning to the West African Monetary Union’s (UMOA-Titres) regional debt market to raise CFA25 billion.
 The operation, scheduled to close on Friday, October 24, will include a simultaneous issuance of Treasury bills and Treasury bonds.

According to documents reviewed by Togo First, the Togolese Treasury aims to secure CFA8 billion through Treasury Bills (BAT) with a 364-day maturity and a nominal value of CFA1 million, offering multiple interest rates.

The remaining CFA17 billion will be raised through Treasury Bonds (OAT) with maturities of three and five years, and nominal values of CFA10,000, carrying interest rates of 6.25% and 6.50%, respectively.

Officials said the funds will help finance the 2025 national budget, which totals CFA2.397 trillion.

Since the beginning of 2025, Togo has raised CFA264.5 billion on the regional market, equivalent to 79% of its annual borrowing goal of CFA332 billion.
 The government plans to mobilize an additional CFA100 billion during the fourth quarter to meet financing needs.

Togo’s latest return comes after several unsuccessful bond auctions earlier this year. Analysts attribute these failures to an increased perception of sovereign risk, higher public debt levels, and persistent fiscal deficits.

This article was initially published in French by Esaie Edoh 

Adapted in English by Ange Jason Quenum