Togo appoints Ekoué Djro Glokpor as national BCEAO director

Ekoué Djro Glokpor has officially assumed leadership of the Togo National Directorate of the Central Bank of West African States (BCEAO), following his appointment during the second ordinary session of the National Credit Council held in Lomé on June 18, 2026. The appointment comes at a time of mixed signals in the financial sector, with contrasting trends such as the rise of banking digitalization, a decline in corporate financing, and a strong concentration of credit toward major corporations.

From Dakar to Lomé: A career marked by regional expertise

Glokpor returns to Togo after years spent at the BCEAO headquarters in Dakar, where he held key positions including Director of Accounting, Director General of Organization and Information Systems, and Advisor to the Governor. His predecessor, Akuwa Dogbe Azoma, has now stepped down from the role. The appointment was presided over by the Minister of Economy and Strategic Monitoring, Badanam Patoki, in the absence of the Minister of Finance, Essowè Georges Barcola.

« Accepting this responsibility is both an honor and a challenge I fully embrace, » Glokpor stated during the council session, emphasizing the significance of the role entrusted to him.

Credit allocation imbalances remain a critical issue

The session reviewed the economic and monetary situation as of March 2026, revealing a mixed landscape. While digital banking usage reached 32.2%, average interest rates fell to 7.5%, and savings in banks and microfinance institutions grew, corporate financing declined by 15%. Banks have increasingly favored regional financial markets, while microfinance institutions expanded their portfolios by 30%.

Sectoral credit distribution remains heavily skewed: 70% of new financing flows to a small group of large enterprises. Agriculture received only 1.5% of bank loans, and housing just 1.1%, according to Minister Patoki. He urged financial institutions to leverage 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) to broaden access to credit.

The gross rate of banking portfolio deterioration stood at 13.4%, far exceeding the 5% target set for 2027. The National Credit Council has called on affected banks to strengthen their debt recovery strategies.

Digital payments: A national priority

The council also endorsed an action plan aimed at accelerating the digitalization of payments across Togo. While the timeline and allocated resources for this initiative remain unspecified, the move underscores the government’s commitment to modernizing the financial ecosystem.

As the new national director, Glokpor will serve as the primary liaison between the BCEAO and Togo’s public authorities, the Ministry of Economy and Finance, and the country’s commercial banks. The West African Economic and Monetary Union (UEMOA), of which Togo is a member, shares a common currency—the CFA franc—issued by the BCEAO, headquartered in Dakar.