West Africa: BOAD Records CFA40 Billion Net Profit in 2024

Economic governance

Thursday, 10 April 2025 16:26

West Africa: BOAD Records CFA40 Billion Net Profit in 2024

(Togo First) - The West African Development Bank (BOAD) closed the 2024 financial year with a net profit of CFA39.402 billion, against CFA36.453 billion in 2023, or 8.09% up year-on-year. The Lomé-based institution reported the performance in a press release dated April 7, 2025, after the Council of Ministers of the West African Monetary Union (WAMU) validated its accounts.

According to the source, BOAD's balance sheet total surged by 11.8%, reaching CFA3,893.5 billion compared to CFA3,482 billion in 2023. Net banking income climbed slightly to CFA114.9 billion from last year's CFA111 billion.

Several factors drove this performance, including a share capital increase of CFA554 billion, a subordinated debt issuance worth €100 million, and risk transfer mechanisms such as receivables securitization and credit insurance.

With equity standing at CFA1,390.8 billion—35.72% of its total balance sheet—BOAD maintains its reputation as a robust financial institution. Also, it kept its Investment Grade credit ratings: Baa1 from Moody’s and BBB from Fitch Ratings.

This year, BOAD said it will support several projects across the region. For example, Togo has secured CFA20 billion from the apex bank to build and operate a ministerial residence in Lomé and CFA40 billion to address energy emergencies.

This article was initially published in French by Ayi Renaud Dossavi

Edited in English by Ola Schad Akinocho

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.