Togo names new BCEAO national director amid financial sector challenges
Ekoué Djro Glokpor has officially taken charge of the National Directorate of the Central Bank of West African States (BCEAO) for Togo. The appointment was formalized during the second ordinary session of the National Credit Council held in Lomé on June 18, 2026. His installation comes at a time of mixed signals in the financial sector, marked by both progress in banking digitalization and persistent issues such as declining credit access for businesses and a heavy concentration of financing toward large corporations.
From Dakar to Lomé: A seasoned banker returns to Togo
Glokpor succeeds Akuwa Dogbe Azoma in leading the BCEAO’s national operations for Togo. His appointment follows years of service at the BCEAO headquarters in Dakar, where he held key roles, including Director of Accounting, General Director of Organization and Information Systems, and Advisor to the Governor. The handover ceremony was presided over by the Minister of Economy and Strategic Monitoring, Badanam Patoki, in the absence of the Minister of Finance, Essowè Georges Barcola.
Addressing the National Credit Council, Glokpor emphasized the significance of his new role: « Accepting this responsibility is both an honor and a recognition of the trust placed in me. I am fully aware of the challenges ahead and the work required to ensure the BCEAO’s mandate is fulfilled in Togo. »*
Credit access and sectoral imbalances: A persistent challenge
The council’s session reviewed the economic and monetary situation as of March 31, 2026, revealing stark contrasts. While digital banking usage surged to 32.2%, the average lending rate dropped to 7.5%, and savings in banks and microfinance institutions climbed. However, bank credit to businesses plummeted by 15%, as financial institutions redirected focus toward regional financial markets. In contrast, microfinance institutions expanded their loan portfolios by 30%.
Sectoral credit distribution remains heavily skewed: 70% of new financing flows to a handful of major corporations. Agriculture received only 1.5% of bank loans, while housing finance accounted for 1.1%, according to Minister Patoki. He urged banks to leverage risk-sharing tools, such as the Agricultural Incentive Financing Mechanism (MIFA), the African Guarantee and Economic Cooperation Fund (FAGACE), and the African Solidarity Fund (FSA), to broaden access to credit.
The gross rate of banking portfolio deterioration reached 13.4%, exceeding the 5% target set for 2027. The Council called on affected banks to strengthen their debt recovery strategies to mitigate rising credit risks.
Digital payments: A strategic priority for financial inclusion
Another key outcome of the session was the adoption of a national action plan to accelerate the digitization of payments across Togo. While the plan’s implementation timeline and allocated resources were not disclosed, its goal is to enhance financial inclusion and modernize the country’s payment infrastructure.
As the lead representative of the BCEAO in Togo, Glokpor will serve as the primary liaison between the central bank and Togo’s public authorities, the Ministry of Economy and Finance, and commercial banks operating in the country. Togo, a member of the West African Economic and Monetary Union (WAEMU), shares the CFA franc as its common currency, issued by the BCEAO from its headquarters in Dakar.
