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The ECOWAS Bank for Investment and Development is going to pump $200 million into Ghana’s economy. This investment will support various sectors, such as infrastructure, agriculture, and energy, contributing to economic growth and job creation in the country. The funding will also help improve access to financial services for small and medium-sized enterprises in Ghana.
The ECOWAS Bank for Investment and Development (EBID) has strengthened its transformative partnership with Ghana by committing to inject US$200 million into the Ghanaian economy through strategic alliances with the Ghana Export-Import Bank (GEXIM) and GCB Bank PLC.
This was contained in a Memorandum of Understanding (MOU) signed by Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, and Dr Mohammed Amin Adam at a ceremony held at the EBID headquarters in Lome, Togo.
The signing ceremony was attended by key stakeholders, including Lawrence Agyinsam, chief executive officer of GEXIM, and 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.
In his opening remarks, Dr Donkor commended Ghana for its steadfast support through the payment of its subscribed share of capital, and other commitments to the bank.
He emphasised that the tripartite alliance between EBID, GEXIM, and GCB Bank PLC exemplifies EBID’s strategic thrust to bolster the recovery and transformation agenda of Member States by channelling vital resources into pivotal sectors of their economies.
According to him, 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.
In his response, Dr Amin Adam highlighted the importance of organisations like EBID in driving sustainable transformation, especially amidst prevailing global challenges. He lauded the profound impact of EBID under the leadership of Dr Donkor and expressed unwavering optimism regarding the Bank’s continued role in shaping the region’s developmental agenda.
The US$200 million injection is intended to stimulate the growth of small and medium enterprises (SMEs) in critical sectors of the economy, foster job creation, innovation, and sustainable development. This injection will bring EBID’s total commitments in Ghana to US$600 million.
Source: AsaaseRadio.com
