{"id":494418,"date":"2026-09-02T23:35:24","date_gmt":"2026-09-02T23:35:24","guid":{"rendered":"https:\/\/www.financialafrik.com\/en\/2026\/09\/02\/public-procurement-and-banking-sector-in-togo-from-the-impasse-of-receivables-to-risk-sharing\/"},"modified":"2026-09-02T23:35:31","modified_gmt":"2026-09-02T23:35:31","slug":"public-procurement-and-banking-sector-in-togo-from-the-impasse-of-receivables-to-risk-sharing","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2026\/09\/02\/public-procurement-and-banking-sector-in-togo-from-the-impasse-of-receivables-to-risk-sharing\/","title":{"rendered":"Public procurement and banking sector in Togo, from the impasse of receivables to risk sharing"},"content":{"rendered":"
<\/div>

” Banks no longer support us “: behind this recurring observation of Togolese entrepreneurs lies a structural crisis that stifles public procurement and weighs down bank balance sheets – with the Togolese market showing the only net loss in the UEMOA in 2025. In this article, Dr. LANDOZI decrypts the impasse of receivables related to the BTP and outlines a way out of the crisis: dedicated guarantee fund, escrow accounts, and securitization of arrears. An analysis without bias, calling for a real sharing of risks between the State, companies, and banks.<\/p>\n

By Dr. LANDOZI<\/p>\n

For several years, the consultation frameworks between the State and companies involved in public procurement have regularly highlighted a major concern: access to credit. On the entrepreneurs’ side, the observation is recurrent: “Banks no longer support us.” On the banks’ side, caution remains. However, the diagnosis is limited to a reciprocal analysis of behaviors, without a real structural analysis of the causes of the impasse. These exchanges have so far resulted in a penalizing status quo for the national economy.<\/p>\n

Yet, under the impetus of the national regulatory authority, the institutional framework is gradually thawing. The recent circular letter No. 001\/2026\/ARCOP\/DG\/DRAJ from ARCOP illustrates this willingness to ease the situation: it reminds the persons responsible for public procurement that they cannot limit bid guarantees to banks only, thus opening the way to insurance, mesofinance institutions, and approved guarantee organizations. However, while these administrative measures relieve companies during bidding and contract formalization, they do not solve the issue of actual financing or cash flow once projects have started. Also, at the national level, companies also have real technical expertise in project execution demonstrated by increasingly qualified expertise, diversified workforce, and supported by the expansion of affordable equipment of Chinese origin. Control structures, on their part, are gradually developing their expertise in delegated project management.<\/p>\n

So how can this situation be explained?<\/p>\n

The financial purpose of banks: between theory and regulatory reality.<\/p>\n

To understand the banks’ posture without falling into bias, we must return to the fundamentals of financial theory. As Milton Friedman stated in 1970 in his famous doctrine on corporate social responsibility, the company has a strictly economic purpose: its primary responsibility is to use its resources to maximize profits in accordance with market rules. Commercial banks are private companies that adhere to this rationality. They cannot be asked to act as social assistance organizations or take disproportionate risks at the expense of their profitability and depositors.<\/p>\n

However, figures published by Agence Ecofin, based on the UEMOA Banking Commission report, show that this search for profitability is now facing strong prudential constraints. They first reflect real commercial dynamism: in 2025, the net banking product of the Togolese market increased by 10.8%, reaching 233.8 billion CFA francs, while operating gross profit increased by 19.2%. But these same figures also reveal a significant worsening of the cost of risk. Net provisions for risks have multiplied by five, from 19.1 to 96.9 billion CFA francs. As a result, the net result turns negative: the Togolese banking market shows a loss of 20.5 billion CFA francs, against a profit of 47.3 billion CFA francs the previous year, making it the only deficit market in the UEMOA.<\/p>\n

Although the Agence Ecofin report does not explicitly establish a link between these banking aggregates and the realities of public procurement, the persistent tensions between companies in the sector and their financial backers provide a concrete explanation. Given the economic weight of the BTP and its related activities, this sector seems to play a central role in the accumulation of unpaid bills, with a decisive effect on the deterioration of the banks’ financial situation.<\/p>\n

Under the constraints of the BCEAO prudential rules, the accumulation of unpaid statements and restructured receivables in the tripartite relationship between the State – BTP Companies – Banks forces financial institutions to immobilize their funds in provisions. Once their basic equity is eroded, their solvency ratio deteriorates, blocking any legal capacity to grant new loans.<\/p>\n

The domino effect of the BTP and related activities<\/p>\n

As a unifying sector and engine of the economy, the BTP does not operate in isolation. When the State accumulates delays in ordering or paying off statements, the BTP company can no longer honor its banking commitments or pay its subcontractors. The bank is then led to downgrade the loan quality, block credit lines, and make provisions. Access to credit gradually closes throughout the sector, triggering a chain effect on suppliers, service providers, and employees.<\/p>\n

Blaming the banks’ lack of willingness would therefore be unproductive. The response will not come from political pressure or coercive injunctions, but from incentivizing institutional mechanisms capable of restoring a better evaluation of the risk-return couple.<\/p>\n

Three levers to structure an incentive mechanism<\/p>\n

A Guarantee Fund dedicated to the BTP sector coupled with an easing of qualification criteria<\/p>\n

As the sector’s difficulties are multifaceted, the responses must be both technical and supported by incentivizing mechanisms. On a technical level, the creation of a specialized guarantee fund should be considered. Indeed, the National Agency for the Promotion and Guarantee of SME\/SMI Financing, commercial banks, insurance companies, microfinance and mesofinance institutions, as well as sub-regional guarantee funds and organizations, pursue general missions covering several sectors. This transversal approach limits their ability to fully grasp the specific challenges of the BTP. Moreover, the only authorized and specialized banking institution, African Lease Togo, has a limited scope of intervention.<\/p>\n

This fund could be co-financed by the State, donors, especially sub-regional banks, and the main players in public procurement. Their participation in the capital would be a lever for appropriation and collective commitment. Such a semi-public structure could cover a significant portion of the credits granted to BTP companies. The balance, corresponding to the company’s personal contribution, would then complete the guarantee. This mechanism would help mitigate risk, reduce provisioning needs, and relax the guarantees required by banks.<\/p>\n

As accompanying measures, and following some practices observed in the sub-region, it would also be appropriate to further facilitate participation in public tenders. Incentive mechanisms should target the main bottlenecks, including access to information, qualification requirements, and participation costs. These measures could range from waiving the fees for purchasing tender documents to completely waiving bid bonds for forecast amounts of public contracts to be defined.<\/p>\n

Securing payments through escrow accounts and securitization of the stock of restructured receivables.<\/p>\n

In practice, some banks already link receivables from public contracts to special purpose escrow accounts, accompanied by irrevocable assignments of receivables. This mechanism allows the lending bank to be reimbursed first as soon as the State makes the transfer following the validation of a statement. It is therefore a matter of formalizing and strengthening a practice already observed in several banking institutions.<\/p>\n

For debts that have become difficult to recover due to State delays or payment defaults, another option would be to convert the arrears and restructured debts weighing on bank balance sheets into negotiable State bonds. Such an operation, the modalities of which would fall under institutional arbitration, would quickly clean up bank balance sheets and free up new lending capacities.<\/p>\n

Self-assessment of the sector and perspectives<\/p>\n

This financial restructuring requires absolute rigor from the private BTP sector. Delays, execution failures, and governance weaknesses attributable to the companies themselves must be corrected without complacency to restore the trust of stakeholders.<\/p>\n

By combining bold administrative reforms, financial risk-sharing mechanisms, and rigorous corporate governance, sector actors will be able to restore trust. Banks will then be better placed to fully assume their economic role: remain profitable while financing national development.<\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

” Banks no longer support us “: behind this recurring observation of Togolese entrepreneurs lies a structural crisis that stifles public procurement and weighs down bank balance sheets – with the Togolese market showing the only net loss in the UEMOA in 2025. 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