By Adnan Adams Mohammed
The ECOWAS Bank for Investment and Development (EBID) has reported a remarkably resilient financial performance despite a volatile global economic landscape, prompting calls for member states to solidify their financial commitments to the institution.
Speaking at the 24th Annual General Meeting (AGM) of the Board of Governors held in Accra, the Chairman of the Board, Dr. Cassiel Ato Forson, praised the bank’s ability to maintain an upward growth trajectory while navigating high inflation, currency fluctuations, and geopolitical instability.
Resilience Amid Uncertainty
In his keynote address, Dr. Ato Forson who also serves as Ghana’s Minister for Finance highlighted that EBID has recorded significant year-on-year growth in its balance sheet and net income. This performance, he noted, is a testament to the bank’s robust risk management frameworks and its strategic focus on high-impact regional projects.
“EBID has demonstrated extraordinary resilience at a time when many financial institutions are retreating,” Dr. Forson stated. “Its ability to post strong financial results while simultaneously expanding its developmental footprint across West Africa is commendable.”
The bank’s strategic impact has been particularly felt in the energy, infrastructure, and agricultural sectors, providing critical funding to both public and private sector projects aimed at reducing poverty and fostering regional integration.
A Call to Member States
Despite the celebratory tone of the AGM, Dr. Ato Forson issued a firm appeal to ECOWAS member states to honor their capital commitments to the bank. He warned that for EBID to sustain its momentum and meet the growing demand for developmental financing, it requires the full financial backing of its shareholders.
“The bank’s ambitious targets for the coming years are contingent on the availability of capital,” Dr. Forson urged. “I call on all member states to fulfill their obligations and pay up their capital subscriptions. This is not just a financial duty; it is an investment in the shared prosperity of our sub-region.”
Strategic Impact and Future Outlook
The 24th AGM served as a platform for governors to review the bank’s 2021–2025 Strategic Plan and deliberate on the roadmap for the next five years. The bank’s leadership emphasized a commitment to “Green Growth,” aiming to increase financing for climate-resilient infrastructure and renewable energy projects.
The President of EBID, Dr. George Agyekum Donkor, echoed the Chairman’s sentiments, noting that the bank is actively seeking to diversify its funding sources by engaging with international development partners and capital markets.
Accra: The Hub of Regional Finance
The hosting of the AGM in Accra underscores Ghana’s central role in the ECOWAS financial ecosystem. Participants at the meeting noted that the stability and growth of EBID are essential for the success of the African Continental Free Trade Area (AfCFTA), as the bank provides the necessary credit facilities for cross-border trade.
As the meeting concluded, there was a unanimous consensus among the governors: while EBID has proven its worth as a resilient financial pillar, its ultimate success depends on a united front from West African nations to provide the resources necessary for a truly integrated and industrialised region.
