Togo appoints Ekoué Djro Glokpor as new BCEAO national director
Ekoué Djro Glokpor has officially assumed leadership of the Togo National Directorate of the Central Bank of West African States (BCEAO) following the second ordinary session of the National Credit Council held in Lomé on June 18, 2026. The appointment comes amid a financial landscape marked by mixed signals, with digital banking adoption rising, corporate lending declining, and credit increasingly concentrated in favor of large enterprises.
Glokpor, who previously served in senior roles at the BCEAO headquarters in Dakar—including director of Accounting, director general of Organization and Information Systems, and advisor to the Governor—succeeds Akuwa Dogbe Azoma in this position. His appointment was welcomed by the Minister of Economy and Strategic Watch, Badanam Patoki, who chaired the session in the absence of the Finance Minister, Essowè Georges Barcola.
« I accept this responsibility with deep humility and full awareness of the challenges ahead, » Glokpor stated during his official address to the Council members.
Ongoing credit allocation imbalances persist
During the session, financial authorities reviewed the economic and monetary situation as of March 2026, revealing a mixed performance across key indicators. While digital banking adoption reached 32.2 %, average lending rates decreased to 7.5 %, and savings in banks and microfinance institutions increased, corporate lending fell by 15 %. Financial institutions redirected their focus toward regional financial markets, while microfinance institutions expanded their portfolios by 30 %.
The concentration of credit remains a concern: 70 % of new financing flows to a limited number of large corporations. Meanwhile, agriculture accounts for just 1.5 % of bank lending, and housing for 1.1 %, according to Minister Patoki. He urged financial institutions to leverage risk-sharing mechanisms 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 loan portfolio deterioration stood at 13.4 %, significantly above the 5 % target set for 2027. The Council called on affected banks to strengthen their debt recovery strategies.
Accelerating digital payment adoption in Togo
The session also endorsed a strategic plan to accelerate the digitization of payments nationwide. While the details of implementation timelines and allocated resources remain undisclosed, the initiative aims to modernize Togo’s financial ecosystem and enhance financial inclusion.
As the new BCEAO national director for Togo, Glokpor will serve as the principal liaison between the central bank and the country’s public authorities, the Ministry of Economy and Finance, and the senior management of commercial banks operating in the country. The West African Economic and Monetary Union (WAEMU), to which Togo belongs, shares a common currency—the West African CFA franc—issued and regulated by the BCEAO, headquartered in Dakar.