• Five- and seven-year bonds issued at 6.45% and 6.60%
• Move part of Togo’s strategy to diversify financing amid high public debt
• Listing expected to improve liquidity and attract regional investors

Bourse Régionale des Valeurs Mobilières (BRVM), West Africa's regional stock exchange, announced on Monday that it will list two bonds issued by Togo on Friday, October 3, 2025.

The bonds, named "TPTG 6.45% 2025-2030" and "TPTG 6.60% 2025-2032," were issued through a public offering between February 18 and March 14, 2025, and successfully raised 102.77 billion CFA Francs (approximately $156.6 million), according to local Togo First.

The issuance saw subscriptions for 5.88 million of the five-year bonds at 6.45% and 4.39 million of the seven-year bonds at 6.60%. Each bond has a nominal value of 10,000 CFA Francs, with an accrual date set for March 6, 2025.

Société de Gestion et d’Intermédiation (SGI) Togo is managing the listing, which will follow the ordinary procedure. The reference price will be set at 10,000 CFA Francs, matching the original issue price.

The operation is part of Togo’s diversified financing strategy that combines regular auctions through UMOA-Titres, which have raised 350 billion CFA Francs this year, with longer-maturity bond placements to tap regional investors.

The International Monetary Fund (IMF) estimates Togo's budget deficit stood at 5.9% of GDP in 2024, down from 6.3% in 2023. The deficit is projected to gradually shrink to 3% by 2026, aligning with the convergence criteria of the West African Economic and Monetary Union (WAEMU).

Togo's public debt reached 72.1% of Gross Domestic Product (GDP)—or 4,272 billion CFA Francs—at the end of 2024, an increase from 63.7% in 2023 that reflects greater reliance on domestic financing.

The Togolese economy has remained resilient, with growth of 5.3% in 2023 and 6.5% in 2024, driven by the services sector and public investment. Inflation is expected to fall to 3% in 2025, hitting the target set by the BCEAO, the regional central bank.

The actual trading of these bonds on the BRVM is anticipated to improve the liquidity of the securities and boost investor confidence, as Togo continues to pursue initiatives to mobilize regional savings for its budgetary priorities.

Fiacre E. Kakpo