2023-07-14 15:39:00
(Togo First) – In 2022, Togo saw the highest annual growth in bank credit supply, the amount of credit offered by the country’s financial institutions to potential borrowers. Over the period, the supply recorded in the country far exceeded that of the other members of the West African Economic and Monetary Union (UEMOA). According to data from the Central Bank of West African States (BCEAO), the country recorded an exceptional increase in the volume of credit put in place by 55.7%, reaching 1,265.9 billion CFA francs. in Togo over the period under review, compared to 812.9 billion FCFA in 2021.
This upward trend is in line with that observed in the WAEMU as a whole, where the volume of credit increased by 9.9%, reaching 19,539.1 billion FCFA. The neighboring countries which recorded the most significant progress in terms of bank credit are Togo (+55.7%), Benin (+46.6%), Senegal (+10.2%) and Mali ( +8.3%).
Taking into account the size of its market, the increase in supply in Togo can however be put into perspective. Thus, neighboring Benin reaches, in absolute value, a total amount of credits put in place of 1,491.3 billion FCFA. In Burkina Faso, in the North, where the annual increase was “onlyby 8.2%, volumes reached 2,595.3 billion CFA francs. to 6,463.8 billion FCFA, i.e. more than 5 times the volume of supply in Togo.
A less favorable trend is noted in Niger and Guinea-Bissau, both in terms of volume and progression. Thus, Niger experienced a slight drop of 3.4%, bringing the volume of credit to 730.3 billion FCFA, while Guinea-Bissau recorded an annual decline of 22.9% in its volume of credit, reduced to an amount of 108 billion FCFA.
In Togo, in 2022, there were 17 credit institutions, including 14 banks (led by Orabank, Ecobank and Coris Bank in terms of asset volumes) and 3 financial institutions.
Ayi Renaud Dossavi
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