Ekoué Djro Glokpor has officially assumed leadership of the National Directorate of the Central Bank of West African States (BCEAO) for Togo. The appointment was formalized during the second ordinary session of the National Credit Council held in Lomé on June 18, 2026. This leadership transition unfolds against a backdrop of mixed signals in the financial sector, characterized by rapid digital banking adoption, declining corporate financing, and a heavy concentration of credit toward large enterprises.
Glokpor’s appointment follows a distinguished career within the BCEAO, where he previously served as Director of Accounting, Director General of Organization and Information Systems, and Advisor to the Governor at the Dakar-based headquarters. He replaces Akuwa Dogbe Azoma in this pivotal role.
« Accepting this responsibility is an honor, and I fully recognize the scale of the task ahead, » Glokpor stated during the session, which was chaired by the Minister of Economy and Strategic Monitoring, Badanam Patoki, in the absence of Finance Minister Essowè Georges Barcola.
Persistent imbalances in credit allocation
The session also reviewed the economic and monetary situation as of March 2026, revealing stark disparities. While digital banking adoption surged to 32.2%, average interest rates fell to 7.5%, and savings in banks and microfinance institutions rose, corporate credit declined by 15%. Banks increasingly favored regional financial markets, while microfinance institutions expanded their portfolios by 30%.
Sectoral credit distribution remains heavily skewed, with 70% of new financing directed toward a small group of large corporations. Agriculture and housing received only 1.5% and 1.1% of bank credit, respectively, according to Minister Patoki, who urged lenders to leverage risk-sharing mechanisms such as the Mécanisme incitatif de financement agricole (MIFA), the Fonds africain de garantie et de coopération économique (FAGACE), and the Fonds de solidarité africain (FSA).
The gross non-performing loan ratio stood at 13.4%, far exceeding the 5% target set for 2027. The National Credit Council called on affected banks to strengthen their recovery strategies.
Pushing forward payment digitalization
The session endorsed a strategic plan to accelerate the digitalization of payments nationwide. While details on implementation timelines and allocated resources were not disclosed, the initiative aims to modernize Togo’s financial infrastructure.
As the new National Director of the BCEAO, Glokpor will serve as the primary liaison between the institution, Togolese public authorities, the Ministry of Economy and Finance, and commercial banks operating in the country. The West African Economic and Monetary Union (UEMOA), of which Togo is a member, shares the West African CFA franc as its common currency, issued by the BCEAO with its headquarters in Dakar.
