West Africa: Ghana to Receive $200 Million From Ecowas Bank

14 May 2024
The Accra Times (Accra)
By Nii Marmah Boye

The ECOWAS Bank for Investment and Development (EBID) and the Government of Ghana have signed a Memorandum of Understanding (MoU) to inject some $200 million into the Ghanaian economy.

The ECOWAS Bank for Investment and Development (EBID) has reinforced its commitment to Ghana by pledging $200 million to boost the country's economy. This investment will be channelled through strategic partnerships with the Ghana Export-Import Bank (GEXIM) and GCB Bank PLC, aiming to stimulate growth, job creation, innovation, and sustainable development in critical sectors, particularly among Small and Medium Enterprises (SMEs).

This move brings EBID's total investment in Ghana to $600 million, underscoring its dedication to fostering economic growth and resilience across ECOWAS member states.

The injection of funds is expected to have a positive impact on the Ghanaian economy, which has faced challenges in recent times. The country's GDP growth rate has declined, inflation has risen, and the fiscal balance has been a concern.

However, with this investment and other efforts, Ghana is projected to experience an improvement in its economic outlook, with GDP growth expected to increase and inflation expected to decrease.

In a statement available to The Accra Times, a Memorandum of Understanding (MOU) was signed between Dr George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, and Dr Mohammed Amin Adam, Minister for Finance of the Republic of Ghana, at a ceremony held at the EBID headquarters in Lome, Togo.

In his introductory address, Dr. Donkor expressed his gratitude to Ghana for its unwavering commitment to the bank, demonstrated through the timely payment of its capital subscriptions and other obligations.

He highlighted the significance of the collaborative partnership between EBID, GEXIM, and GCB Bank PLC, which embodies the bank's forward-thinking approach to driving economic revitalization and transformation in Member States.

By strategically allocating resources to critical sectors, this tripartite alliance aims to stimulate economic growth, foster resilience, and propel sustainable development across the region, aligning with EBID's overarching mission to empower Member States and promote regional prosperity.

"This collaborative involvement underscores EBID's commitment to forging partnership synergies within the finance and investment domain, serving as a trailblazing model for future regional collaborations and investments," Dr. Donkor said.

Dr. Amin Adam also emphasized the vital role of institutions like EBID in spearheading sustainable transformation, particularly in the face of pressing global challenges. He praised the remarkable achievements of EBID under Dr. Donkor's visionary leadership, acknowledging the significant contributions the Bank has made to the region's development.

Dr. Amin Adam further expressed his unshakeable confidence in EBID's ongoing commitment to shaping the region's future, driving progress, and fostering a brighter future for generations to come. He stressed that organizations like EBID are crucial in navigating the complex global landscape and unlocking sustainable growth and development in the region.

The ECOWAS Bank for Investment and Development (EBID) is the premier development finance institution of the Economic Community of West African States (ECOWAS), serving 15 Member States: Benin, Burkina Faso, Cape Verde, Côte d'Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.

The signing ceremony was attended by key stakeholders, including Mr. Lawrence Agyinsam, Chief Executive Officer of GEXIM, and Mr Samuel Aidoo, Executive Director, Wholesale, and Investment Banking at GCB Bank PLC, among others. The agreement epitomises EBID's unwavering dedication to fostering economic growth and shoring up resilience across the ECOWAS Member States.

The $200 million investment aims to boost the growth of Small and Medium Enterprises (SMEs) in key sectors, driving job creation, innovation, and sustainable development. This significant injection will bring EBID's total investments in Ghana to a substantial $600 million, demonstrating the bank's continued commitment to supporting the country's economic advancement and development.

Read the original article on Accra Times.

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