Togo’s parliament has adopted a new law criminalizing the counterfeiting of the West African CFA franc, strengthening legal protections for the common currency used across several West African countries.
Lawmakers approved the bill during a plenary session of the National Assembly in Lomé on Tuesday, implementing a uniform legal framework adopted by the West African Economic and Monetary Union (WAEMU) to combat currency-related crimes within the bloc.
The legislation was passed at first reading during the fourth plenary sitting of the parliament’s first extraordinary session of the year. The session was chaired by Komi Sélom Klassou, president of the National Assembly, and attended by Finance and Budget Minister Essowè Georges Barcola.
The law defines a range of offences linked to currency counterfeiting, including the unauthorized manufacture or reproduction of banknotes, possession of counterfeit currency, and the circulation of fake notes. It also criminalizes the defacement or alteration of legal tender.
Authorities say the legislation aims to strengthen the legal framework protecting the West African CFA franc and ensure confidence in the region’s financial system. The law aligns Togo’s legal provisions with the common standards adopted by WAEMU member states to combat counterfeiting and related financial crimes.
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Under the new framework, the Central Bank of West African States (BCEAO) — the regional central bank responsible for issuing the CFA franc — will play a central role in coordinating anti-counterfeiting efforts. The BCEAO will oversee the centralization of seized counterfeit currency and work with national authorities to monitor and respond to cases of currency fraud across the union.
Officials say harmonized legislation across the monetary union is crucial to maintaining the integrity of the shared currency, which circulates in eight West African countries that form part of WAEMU. These countries share not only a common currency but also coordinated monetary policies overseen by the regional central bank.
Currency counterfeiting remains a concern for financial authorities across the region, as fake banknotes can undermine confidence in financial transactions and complicate monetary management. By clearly defining offences and penalties, the new law seeks to strengthen deterrence and improve cooperation between law enforcement agencies and financial institutions.
The measure is part of broader efforts by WAEMU to modernize financial regulation and strengthen the resilience of the region’s monetary system. Officials say stronger legal tools are needed as financial systems become more complex and as cross-border financial crimes evolve.
During the same parliamentary session, Togolese lawmakers also adopted a separate bill regulating microfinance activities in the country. The legislation aims to improve oversight of microfinance institutions and strengthen consumer protection within a sector that plays a key role in expanding financial inclusion.
Finance Minister Barcola welcomed the adoption of both laws, describing them as important steps toward reinforcing the country’s financial governance.
“The adoption of these laws demonstrates cooperation between the government and the National Assembly in building a modern and transparent financial and monetary framework for the benefit of the financial community and the population,” he said.
Microfinance institutions are widely used across Togo and other West African countries to provide financial services to small businesses, farmers, and individuals who may not have access to traditional banking services. Strengthening regulation of the sector is seen as essential to ensuring stability and protecting depositors.
Together, the two legislative measures reflect the government’s broader objective of strengthening financial oversight while aligning national regulations with regional standards within the WAEMU framework.
For Togo and its regional partners, safeguarding the integrity of the CFA franc and improving financial sector governance are seen as critical to maintaining economic stability and supporting long-term development across the union.
Togo’s parliament has adopted a new law criminalising the counterfeiting of the West African CFA franc, reinforcing legal protections for the common currency used by eight countries in the West African monetary union.
The legislation was approved by the National Assembly of Togo during a plenary session in the capital, Lomé, as part of efforts to combat financial crimes and safeguard the regional monetary system. The measure aligns the country’s legal framework with a uniform law adopted by the West African Economic and Monetary Union.
Key provisions of the law
The new law defines and penalises a range of offences linked to currency counterfeiting, including:
- Manufacturing banknotes outside authorised conditions
- Reproducing currency partially or entirely without permission
- Possessing or circulating counterfeit banknotes
- Deliberately altering or defacing legal tender
These provisions aim to strengthen enforcement against individuals or networks involved in producing or distributing fake currency within the region.
Role of the regional central bank
The law also clarifies the responsibilities of the Central Bank of West African States, the institution responsible for issuing and managing the CFA franc across the eight-member monetary union. Under the legislation, the BCEAO will centralise seized counterfeit currency and coordinate regional efforts to combat counterfeiting.
Protecting confidence in the CFA franc
Authorities say the reform is intended to strengthen legal safeguards for the West African CFA franc, which is used by WAEMU member states including Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. By harmonising national laws across the bloc, the measure aims to improve cooperation between governments, law-enforcement agencies and financial regulators.
Officials in Togo say the adoption of the legislation demonstrates the government’s commitment to modernising the country’s financial regulatory framework and strengthening trust in financial transactions across the regional economy.
Broader financial reforms
The anti-counterfeiting law forms part of a broader push by Togo to tighten financial regulation and align its legislation with regional and international standards. In recent months, the country has also adopted laws targeting money laundering, terrorist financing and other illicit financial flows, reflecting efforts to enhance transparency and stability in its financial system.
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