Umoa-Titres: Togo cuts annual target to CFA francs 396 billion

Togo has cut its 2026 target for raising funds on the regional public securities market from CFA francs 463.5 billion to CFA francs 396 billion, a reduction of CFA francs 67.5 billion, or about 14.6%. The revision is included in a supplementary finance law that also reduces the state budget to CFA francs 2,744.2 billion. Togo has suspended its market operations since mid-August, and planned October issuances worth CFA francs 55 billion were not carried out. By August 7, the country had raised CFA francs 285 billion; the fourth-quarter schedule is expected to bring the annual total to about CFA francs 365 billion, CFA francs 31 billion below the revised target.