The ECOWAS Bank for Investment and Development (EBID) has solidified its commitment to Ghana’s economic growth by pledging to inject USD 200 million into the Ghanaian economy. This strategic collaboration involves partnerships with the Ghana Export-Import Bank (GEXIM) and GCB Bank PLC, aimed at catalyzing development and resilience across the region.
The 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, Ghana’s Minister for Finance, underscores EBID’s dedication to fostering economic prosperity in ECOWAS Member States. The signing ceremony, held at EBID headquarters in Lome, Togo, was attended by key stakeholders, including Mr. Lawrence Agyinsam, CEO of GEXIM, and Mr. Samuel Aidoo, Executive Director of Wholesale and Investment Banking at GCB Bank PLC.
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Dr. Donkor commended Ghana for its consistent support and highlighted the tripartite alliance as a strategic initiative to advance the recovery and transformation agenda of Member States. He emphasized EBID’s commitment to channeling resources into critical sectors of the economy, setting a precedent for collaborative partnerships within the finance and investment landscape.
Dr. Amin Adam underscored the significance of EBID’s role in driving sustainable transformation, particularly in the face of global challenges. He praised EBID’s leadership and expressed confidence in its continued contribution to regional development.
The USD 200 million injection aims to stimulate the growth of Small and Medium Enterprises (SMEs), fostering job creation, innovation, and sustainable development. This commitment brings EBID’s total commitments in Ghana to USD 600 million, signaling a significant boost to the country’s economic prospects.
Established as the development finance institution of the Economic Community of West African States (ECOWAS), EBID plays a pivotal role in supporting Member States’ development objectives. With fifteen Member States under its purview, EBID leverages partnerships and investments to drive inclusive growth and prosperity across the region.
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The collaboration between EBID, GEXIM, and GCB Bank PLC exemplifies the power of strategic alliances in advancing economic resilience and prosperity. By pooling resources and expertise, the partners aim to unlock new opportunities, promote innovation, and build a sustainable foundation for long-term growth.
Partnerships like these are essential for mobilizing resources, driving investment, and unlocking the full potential of the economy. EBID’s commitment to Ghana underscores its role as a catalyst for development, driving positive change and fostering prosperity across the region.
In conclusion, the injection of USD 200 million by ECOWAS represents a significant step towards economic resilience and prosperity in Ghana. With a focus on SME development and sustainable growth, this collaboration sets the stage for accelerated progress, job creation, and inclusive development in Ghana and beyond.