Togo seeks Chinese banks for economic growth

Togo has expressed a desire to attract Chinese banks to support increased trade and investment between the two countries. This comes as Chinese financial institutions already play a role in financing economies in West Africa, though their direct presence in the region is still limited.

Trade growth between Togo and China

According to the Chinese ambassador to Togo, Wang Min, bilateral trade between Togo and China reached $5.43 billion in 2025, a 55% increase compared to the previous year. However, the trade is unbalanced, with China being a major supplier to Togo, while Togolese exports to China remain relatively small.

Financial tools to support trade

Togo sees the arrival of Chinese financial institutions as a way to facilitate the financing of imports, support industrial investments, and local transformation projects. Companies could benefit from credit lines, bank guarantees, and trade financing solutions tailored to their transactions with China.

Existing financial cooperation in Africa

Financial cooperation between China and Africa is already underway. On October 10, Ecobank, based in Lomé, signed an agreement with CIPS, the Chinese interbank cross-border payment system, in Beijing. This move aims to facilitate yuan-based transactions between African companies and their Chinese partners, potentially reducing reliance on dollar-based payments.

Chinese financing in West Africa

The West African Development Bank (BOAD), also based in Lomé, already benefits from Chinese financing. In September 2026, its board of directors approved a fourth credit line from the China Development Bank, amounting to 131.2 billion CFA francs, intended to finance small and medium enterprises in the UEMOA region through partner institutions.

Chinese banking presence in Africa

Chinese banking presence in Africa is already established in countries such as South Africa, Zambia, Mauritius, Angola, and Djibouti. In Francophone West Africa, however, their direct presence remains limited. Chinese banking capital is indirectly present through entities such as the Industrial and Commercial Bank of China (ICBC), which holds 19.7% of the South African Standard Bank group, present in Côte d'Ivoire through Stanbic Bank.

Togo's banking landscape

Togo, which had 14 banks and three financial institutions with a banking character at the end of 2025, already hosts the headquarters of several pan-African banking groups, including Ecobank and Oragroup. Lomé ranks first regionally in terms of consolidated balance sheets of financial companies, ahead of Abidjan.

Economic ambitions for Lomé

This initiative aligns with Lomé's new economic ambitions, as the government prepares its roadmap for 2026–2031, expected to translate the goals of the Togo Vision 2040. The arrival of Chinese financial actors could help mobilize capital for productive investments and strengthen Lomé's position as a regional financial hub.

Uncertainty about the impact

The communiqué does not specify any interested institution or timeline for their establishment. One question remains: would these future financings mainly support Chinese imports or also contribute to developing Togolese production and exports?