Ekoué Djro Glokpor has officially stepped into his role as the National Director of the Central Bank of West African States (BCEAO) for Togo. His formal installation took place in Lomé on June 18, 2026, during the second ordinary session of the National Credit Council (CNC).

The new director succeeds Akuwa Dogbe Azoma. Glokpor returns to Togo after a significant tenure at the BCEAO headquarters in Dakar, where he held several high-ranking positions, including Director of Accounting, Director General of Organization and Information Systems, and Advisor to the Governor. Upon his appointment, Glokpor expressed his commitment to the responsibilities of the office, acknowledging the weight of the tasks ahead.

Imbalances in credit allocation and economic trends

The CNC session provided a platform to review Togo’s economic and monetary status as of late March 2026. The data revealed a mixture of progress and persistent challenges. While digital banking services have seen an adoption rate of 32.2% and average interest rates have decreased to 7.5%, the corporate lending sector faced a 15% decline. This drop is attributed to credit institutions favoring regional financial markets over direct business loans.

Conversely, the microfinance sector showed robust growth, with a 30% increase in outstanding loans. However, the distribution of bank credit remains heavily skewed, with 70% of new financing directed toward a small group of large enterprises. Essential sectors such as agriculture and housing continue to receive minimal support, capturing only 1.5% and 1.1% of bank loans, respectively.

In response to these disparities, officials encouraged banks to leverage existing risk-sharing mechanisms, such as the Incentive Mechanism for Agricultural Financing (MIFA), the African Guarantee and Economic Cooperation Fund (FAGACE), and the African Solidarity Fund (FSA). Furthermore, the banking portfolio’s gross degradation rate reached 13.4%, a figure significantly higher than the 5% target set for 2027, prompting calls for more aggressive recovery strategies.

Focus on digital payment expansion

A key outcome of the meeting was the adoption of a strategic action plan designed to accelerate the digitalization of payments throughout Togo. While specific timelines and funding details were not disclosed, the plan aims to modernize the national payment infrastructure.

As the primary representative of the BCEAO in Togo, Glokpor will serve as the lead liaison between the central bank and Togolese public authorities, the Ministry of Economy and Finance, and the leadership of commercial banks operating within the country. Togo remains a key member of the UEMOA zone, utilizing the CFA franc issued by the BCEAO.