Ekoué Djro Glokpor officially assumed the role of national director of the Central Bank of West African States (BCEAO) for Togo during the second regular session of the National Credit Council held on 18 June 2026 in Lomé. His installation comes at a time when the financial sector is sending mixed signals: digital banking is advancing, credit to businesses is declining, and lending remains heavily concentrated among large corporations.
The new director succeeds Akuwa Dogbe Azoma. Glokpor returns to Togo after several years at BCEAO headquarters in Dakar, where he served successively as director of accounting, director general of organisation and information systems, and advisor to the governor. Minister of Economy and Strategic Foresight Badanam Patoki, who chaired the session in place of Finance Minister Essowè Georges Barcola, welcomed his appointment.
“It is an honour for me to accept this responsibility. I fully measure the work ahead of me,” Glokpor told council members.
Persistent imbalances in credit allocation
The session also reviewed the economic and monetary situation as of end-March 2026, revealing contrasting data. Digital banking usage reached 32.2%, the average interest rate fell to 7.5%, and deposits with banks and microfinance institutions increased. At the same time, bank lending to enterprises dropped by 15%, as credit institutions favoured regional financial markets, while microfinance outstanding loans grew by 30%.
Sectoral distribution remains lopsided: 70% of new financing goes to a small number of large enterprises. Agriculture receives only 1.5% of bank credit, and housing 1.1%, Minister Patoki pointed out. He called on lenders to mobilise risk-sharing mechanisms such as the Agricultural Financing Incentive Mechanism (MIFA), the African Guarantee and Economic Cooperation Fund (FAGACE), and the African Solidarity Fund (FSA).
The gross non-performing loan ratio stood at 13.4%, well above the 5% target set for 2027. The council urged the banks concerned to step up their recovery strategies.
Accelerating digital payments
The session also approved an action plan to speed up digital payment adoption across Togo. The Finance Ministry did not specify the implementation timeline or the resources allocated to the plan.
As the BCEAO’s top representative in Togo, Glokpor will be the main interlocutor between the central bank and Togolese public authorities, the Ministry of Economy and Finance, and the general directors of commercial banks operating in the country. Togo is a member of the West African Economic and Monetary Union (UEMOA), which shares the CFA franc currency issued by BCEAO from its Dakar headquarters.
