Togo: outstanding loans to the economy increased by 4.9% in June 2019 : Orishas-finance

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Togo: outstanding loans to the economy increased by 4.9% in June 2019

09/10/2019

Source : Financial Afrik

Categories: General Information

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Togo: outstanding loans to the economy increased by 4.9% in June 2019

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The growth rate of outstanding loans to the economy by Togolese banks, on an annual basis, is 4.9% at the end of June 2019 against 4.2% at 31 March, according to data provided at the third annual session of the National Credit Council (CNC) devoted to examining the situation economic, financial and monetary of Togo.

At the end of December 2018, this rate was 4.1%. "This dynamism brought the ratio of loans to the economy to GDP to 40% as of June 30, 2019," according to Demba Tignokpa, Togo's Minister of Development Planning and Cooperation.

Official data indicate an average lending interest rate on bank loans that fell to 7.65% as of June 30, 2019, from 8.52% a year earlier. However, notes Minister Tignokpa, when we look at the new credit implementations, they have experienced a decrease of 8.1% over the first six months of the year, compared to the situation observed during the same period of 2018.

"In addition, funding remains poorly directed towards housing and agriculture, despite the importance of these sectors in the economic and social development of the country. By way of illustration, at the end of June 2019, housing and agriculture loans represented only 4.3% and 0.2%, respectively, of total bank financing," added the former Minister of economy, finance and privatization. And to call for "working to raise the level of new credit implementations and change the financing structure for the benefit of sectors with inclusive growth".

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