Togo raises GDP forecast amid plans to boost shipping business

Togo's economic growth is expected to rise to 5.1 per cent in 2019 from 4.9 per cent this year, the government said on Thursday.

In a statement, the government also said it had proposed to parliament a budget for next year of 1.461 billion CFA franc ($2.60 million), an 11.5 per cent rise over the 2018 budget.

The tiny West African country has few natural resources besides phosphates, a major source of foreign exchange, but is trying to turn itself into a shipping and transportation hub.

The capital Lome is home to the headquarters of regional airline ASKY, a partner of Ethiopian Airlines, and pan-African lender Ecobank.