According to Togo’s Ministry of Economy and Finance, Eximbank China held the largest share (36.46%) of the country’s commercial debt portfolio at the end of 2024. This data comes from the ministry’s annual public debt report.
Togo’s total outstanding external debt was estimated at 1,785.17 billion CFA francs. The commercial component of this debt reached 567.79 billion CFA francs, representing 31.81% of the overall external portfolio.
Besides Eximbank China, other major commercial lenders to Togo include Cargill Financial (USA, 17.33%), Société Générale (France, 10.96%), Bank of Tokyo-MUFG (Japan, 10.83%), and Eximbank India (7.7%).
Togolese public debt represents 69.16% of the country’s Gross Domestic Product (GDP), totaling 4,217.73 billion CFA francs. The average maturity of the debt portfolio is 6.67 years.
Read more: Togo: Which Sectors Get the Most Bank Financing?
The Ministry of Finance has noted refinancing risks associated with the short maturity of domestic debt. It also points to an increase in the implicit interest rate (4.14% in 2024 compared to 3.79% in 2023), primarily driven by increased activity in commercial markets.
Looking ahead, Togo’s debt sustainability will depend on its ability to secure concessional financing, a strategy previously announced by the government. This will require prudent management of its commercial debt obligations, particularly with strategic creditors like China, amidst an increasingly uncertain global economic and political landscape
