General Information

Togo is a member of the West African Economic and Monetary Union (WAEMU) and the Franc Zone. Togo shares a common currency (the CFA franc or XOF), a central bank (the Central Bank of West African States BCEAO) and a common monetary policy with the other member countries. The CFA franc is pegged to the Euro with a fixed parity guaranteed by the French Treasury.

Foreign exchange regulations: transfers of funds abroad must be authorised by the BCEAO upon presentation of supporting documents and must pass through an authorised intermediary.

Togo's growth is driven by the tertiary sector, the autonomous port of Lomé and public investment.

Means of Payment & Banking Specificities

To secure payment, we recommend that the exporter use a confirmed documentary credit.

Payment delays remain frequent if transactions are not secure, most often due to a problem of foreign currency supply during the transfer.

The best currency for invoicing exchanges is the Euro.

Sources: World Bank, Moci, BCEAO, Coface