This is according to its annual report entitled “African Economic Outlook”.
The Abidjan-based institution forecasts that Togo’s economic growth “could even reach 5.3 percent in 2019, if the rainy season remains favorable.”
Agriculture remains the mainstay of the Togolese economy, contributing 1.7 percent to growth in 2017, the bank report says.
The report also states that “the tertiary sector should benefit from the capacity of the extended port of Lomé through the installation of modern transshipment equipment.”
The country has positioned itself as a service economy, driven by infrastructure built in the transport sector.
However, the bank warns, “a resurgence of political protests that have slowed down economic activity since August 2017 could lead to a downward review of the growth estimated for 2017 and projected for 2018 and 2019.”
In its previous report published in May 2017, the bank, which was then more optimistic, had forecast rates of 5.1 percent and 5.3 percent for 2017 and 2018 respectively.