Togo appoints Ekoué Djro Glokpor as national BCEAO director

Ekoué Djro Glokpor has officially taken charge of the National Directorate of the West African Central Bank (BCEAO) in Togo. The appointment was formalized during the second ordinary session of the National Credit Council (CNC), held on June 18, 2026, in Lomé. This leadership transition unfolds against a backdrop of mixed signals in the financial sector, characterized by rapid digital banking adoption, a decline in business loans, and a heavy concentration of credit toward major corporations.

From Dakar to Lomé: a seasoned career

Glokpor’s appointment marks his return to Togo after years of service at the BCEAO headquarters in Dakar. During his tenure, he held key positions, including Director of Accounting, Director-General of Organization and Information Systems, and Advisor to the Governor. He succeeds Akuwa Dogbe Azoma as the new national director, a role he embraces with full awareness of the challenges ahead.

« This responsibility is a great honor for me. I fully understand the magnitude of the task that lies ahead, » Glokpor stated during the CNC session, which was chaired by the Minister of Economy and Strategic Watch, Badanam Patoki, in the absence of the Minister of Finance, Essowè Georges Barcola.

Credit allocation imbalances persist

The session provided a detailed review of the economic and monetary situation as of March 31, 2026, revealing significant disparities. While digital banking service usage reached 32.2%, average interest rates dipped to 7.5%, and savings in banks and microfinance institutions grew, business loans dropped by 15%. Credit institutions increasingly favored regional financial markets, while microfinance institutions expanded their portfolios by 30%.

The concentration of credit remains alarmingly skewed: 70% of new financing flows to a handful of large enterprises. Agriculture, a vital sector, received only 1.5% of bank loans, while housing finance accounted for just 1.1%. Minister Patoki urged credit institutions to leverage existing risk-sharing mechanisms, including the Incentive Mechanism for Agricultural Financing (MIFA), the African Guarantee and Economic Cooperation Fund (FAGACE), and the African Solidarity Fund (FSA).

The gross rate of banking portfolio deterioration stood at 13.4%, well above the 5% target set for 2027. The CNC has called on affected banks to strengthen their recovery strategies.

Accelerating payment digitalization

In response to evolving financial trends, the session endorsed a strategic plan to accelerate the digitalization of payments across Togo. While specifics on implementation timelines and allocated resources remain undisclosed, the initiative aims to modernize the country’s financial infrastructure.

As the new National Director of the BCEAO, Glokpor will serve as the primary liaison between the institution and Togo’s public authorities, the Ministry of Economy and Finance, and the country’s commercial banking sector. This role is critical within the West African Economic and Monetary Union (UEMOOA), where Togo shares the common currency, the West African CFA franc, issued by the BCEAO based in Dakar.