By Yankuba Jallow, Special Report
The 23rd Ordinary Session of the Board of Governors of the ECOWAS Bank for Investment and Development (EBID) has wrapped up in grand style in Banjul with a renewed spirit of regional solidarity, financial commitment, and strategic transformation.
The highlight of the session was the ceremonial handover of the chairmanship from Honourable Seedy Keita, Minister of Finance and Economic Affairs of The Gambia, to Honourable Dr. Cassiel Ato Forson, Minister of Finance of the Republic of Ghana.
The meeting brought together ECOWAS finance ministers, central bank governors, EBID leadership, and development stakeholders under the theme of enhancing regional integration through resilient finance and sustainable investment.
Seedy Keita’s Farewell:
Delivering his farewell speech as outgoing Chairman, Honourable Seedy Keita warmly welcomed delegates to The Gambia on behalf of President Adama Barrow and the people of the nation. He extended heartfelt gratitude to his colleague Governors for entrusting him with the Chairmanship over the past year and expressed appreciation to EBID President Dr. George Agyekum Donkor and his management team for their collaborative spirit and dedication.
Keita offered an overview of the global and regional economic outlook. “The global economy in 2024 was turbulent. From geopolitical tensions and climate risks to policy divergence and inflation shocks—our region was not insulated,” he said. However, he commended the resilience of EBID, which recorded a cumulative commitment of UA 2.8 billion (USD 3.7 billion), a 12.9% rise in profits, and a 5.6% expansion of the balance sheet.
He stressed the importance of the 2022 decision by the Board of Governors to raise the Bank’s authorised capital from UA 1 billion to UA 2.5 billion and reminded Member States of the looming December 2025 deadline for the third tranche payment of UA 307 million.
“Timely subscription is not optional—it is the foundation of our Bank’s strength, its creditworthiness, and its ability to finance the future of West Africa,” Keita cautioned.
He also warned of the risks of non-payment, including credit downgrades and rising borrowing costs that would ultimately hinder public and private sector financing in Member States.
“Let us renew our collective resolve. Let us act not just as policymakers but as custodians of regional prosperity,” he urged.
In closing, Keita congratulated his successor and called on all Governors to continue supporting EBID’s mandate with unity, responsibility, and forward-thinking leadership.
“Let us walk together, hand in hand, toward the promise of inclusive development and lasting integration,” he said.
Incoming Chairman Dr. Cassiel Ato Forson Outlines Vision for an Ambitious and Accountable EBID
Hon. Thomas Nyako Ampem, the Deputy Minister of Finance of Ghana read the statement of the newly elected Chairman of the Board of Governors, Honourable Dr. Cassiel Ato Forson, Ghana’s Minister of Finance. He expressed gratitude for the confidence reposed in him and pledged to build on the legacy of his predecessor.
“Today, we are not only inheriting a chairmanship—we are inheriting a responsibility to the 400 million citizens of West Africa,” Dr. Forson stated. He outlined a clear agenda for his tenure:
- Promoting equity in capital subscription and governance representation
- Enhancing disbursement efficiency and project impact assessment
- Deepening regional trade and value chain development through EBID-funded infrastructure
- Strengthening collaboration with bilateral and multilateral partners for blended finance solutions
- Advancing digital and climate-smart investments to future-proof ECOWAS economies
Dr. Forson emphasised the urgency of aligning EBID’s strategies with the ECOWAS Vision 2050 and ensuring that no Member State is left behind in access to development finance. “We must not just finance projects—we must change lives. This is the yardstick by which our leadership will be measured,” he declared.
He praised the performance of the Bank under President Donkor, reaffirmed Ghana’s commitment to fulfilling its financial obligations, and called for a collective push towards making EBID a “triple-A-rated powerhouse for regional transformation.”
President Donkor Affirms Strategic Continuity
EBID President Dr. George Agyekum Donkor congratulated both the outgoing and incoming Chairmen for their vision, leadership, and support. He outlined the Bank’s recent milestones and reiterated its strategic goals, including capital mobilisation, sectoral diversification, and operational excellence.
“Our Bank has matured, but the road ahead requires deeper cooperation and faster execution. With the leadership of Hon. Dr. Forson and the continued commitment of our Governors, we are confident in our capacity to unlock the region’s vast potential,” he said.
The 23rd EBID Board of Governors Session ended with a strong call to Member States: honour capital commitments, align national priorities with regional strategies, and support EBID in becoming the engine of economic transformation in West Africa.
