“What we need to do is ensure that democracy is maintained. Good governance and the likes are what investors require to be able to invest in the region. If there is perception of political instability, they would not invest here because of the risks involved,” the President of EBID, Dr George Agyekum Donkor, has said.

He re-iterated the bank’s commitment to vigorously spearhead wealth creation, economic growth and industrialisation for the wellbeing of the people in the sub-region.

Dr Donkor said it had become paramount to attract the needed investment for growth and development, as well as achieve the sustainable development goals (SDGs) across West Africa.

He made the call in an interview with the Daily Graphic at the end of the second edition of the Ghana CEO Vision and Awards event in Accra. 

Event

The award scheme, which was organised by a theatre and events management company, Globe Productions, seeks to reward CEOs who have played defining roles in moving their industries forward.

This year’s edition was on the theme: “The role of business leadership towards achieving the SDGs in Ghana.”

Dr Donkor was adjudged the CEO of the Year, Africa category. He received a plaque and a citation for his innovation, leadership, vision and outstanding practices that had set him apart from his competitors.

He was one of 55 business leaders to be honoured that night. 

Resource constraints

Dr Donkor said that although the bank had embarked on numerous transformational projects and programmes in all ECOWAS member countries, resource constraints had become a major setback.

He also mentioned other challenges to include political upheavals in some countries within the sub-region, fallout from the Russia-Ukraine war and the increase in interest rates in the US, in an attempt to fight inflation in that country.

“We should be able to mobilise resources to advance a number of projects we have in the sub-region where the infrastructure deficit is over $6 billion,” the EBID president added. 

Appreciation

Dr Donkor expressed appreciation to organisers of the event and for the honour done him and his colleagues.

The President also said he was grateful that his contribution towards driving sustainable development and economic growth in West Africa and its ripple effect on the rest of  the continent had been recognised.

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The Governors also called for the third tranche of the capital of the Bank which is in the sum of $438 million.

The Board of Governors, which comprises the Ministers for Finance and Ministers for Planning and Development of the 15 ECOWAS Member States, took this decision at its just-ended 10th Extraordinary session held on 27th October 2022 in Praia, Cape Verde.

The President and Chairman of the Board of Directors of EBID, Dr George Agyekum Donkor, made this disclosure immediately after the session.

According to Dr Donkor, the decision by the Governors was very strategic and timely especially as the Bank intensifies its resources mobilisation initiatives and seeks to position itself as the foremost regional development finance institution committed to playing a key and expansive role in assisting ECOWAS Member States to navigate the path to socio-economic recovery from the fallout of the COVID-19 pandemic and the Russian – Ukraine war.

Outlining the justifications for the Governors’ decision, Dr Donkor emphasised the need for the Bank to improve leverage, capital adequacy, liquidity, and overall risk-bearing capacity.

He further underscored the need for the Bank to be abreast with industry trends and improve its rating.

According to the President of EBID, calling the third tranche of the Bank’s capital will no doubt enhance the Bank’s capacity to grant concessionary resources to Member States in order to accelerate economic recovery.

The Chairman of the Board of Governors, who is also the Vice-Prime Minister for Finance and Business Development and Minister for Digital Economy of Cabo Verde, Dr Olavo Avelino Garcia Correia, commended the President of the Bank and his team for the remarkable and exceptional performance within a short time which has led to the impressive operational and financial performance of the Bank and the eventual upgrade of the Bank’s rating by both Moody’s and Fitch rating agencies.

He urged the Management of the Bank not to rest on its oars but to strive to obtain investment grade in order to attract competitive resources for ECOWAS Member States.

The signing ceremony took place on 18^th October 2022 at the head office of the Bank in Lome, Togolese Republic.

The President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor, signed on behalf of Bank while the Chief Executive Officer of GRIDco, Ing. Ebenezer Kofi Essienyi, signed on behalf of GRIDco.

The facility’s purpose is to finance the installation and upgrading of transmission lines in the Republic of Ghana.

In his remarks, the President of EBID, Dr Donkor, observed that as ECOWAS Member States work towards post-COVID-19 economic recovery, regional electricity connectivity will be necessary to expand to accommodate growth.

In this regard, he emphasised the need for the expansion of electricity infrastructure in the sub-region as a key sector that must be given the necessary attention.

Dr Donkor disclosed that the Bank’s total commitment to the Republic of Ghana stood at USD 250 Million as of October 12, 2022.

He reiterated the Bank’s commitment to continue to finance infrastructure projects across all sectors of the economies of ECOWAS Member States to accelerate recovery and development for the Sub-region.

The President of EBID observed that the project was in line with the Bank’s strategic objectives and aligned perfectly with Ghana’s Agenda for Jobs II.

Taking his turn, the Chairman of the Board of Directors of Gridco, Amb. Kabral Blay-Amihere, said the projects to be undertaken with EBID’s facility were part of a broader plan of GRIDCo to upgrade and install infrastructure to continue to improve efficiency and increase the transmission of power within Ghana and other West African Counties such as Togo, Benin, Burkina Faso, Mali and Cote D’Ivoire.

While appreciating the confidence reposed in GRIDCo by EBID, he added that the completion of the project would lead to the strengthening and expansion of the transmission network, reducing technical losses and enhancing businesses and livelihoods in Ghana and the ECOWAS subregion.

Ambassador Blay-Ahimere commended the President of EBID and his team for their dedication and professionalism that saw the expeditious completion of the credit process and the consummation of the transaction.

Present at the ceremony were Ghana’s Ambassador to Togo, His Excellency Kofi Demetia; Executives from C-Nergy Ghana; and the Managing Director of Calbank PLC., Mr Philip Owiredu.