This article was created with ECOWAS Bank's investment and development support
In a demonstration of economic cooperation and new commitment to sustainable development in West Africa, the ECOWAS Bank Investment and Development Bank (EBID) held the board meeting of the 23rd Governor's Session on April 14, 2025 in the calm coastal city of Banuru, Gambia. The annual meeting brought together high-level representatives from across the ECOWAS region, including Minister of Finance and Planning, the key manager of the bank's strategic direction and governance.
Chaired by the Gambian Minister of Finance and Economic Affairs and Chair of the Board, the honorable and shady KM Keita, the session marked a pivotal moment for the institution as it examined key performance metrics, began a transition in governance and set out a bold aspiration for economic transformation in the region. The conference was raised by the presence of Muhammad BS Jarrough, the vice president of the Gambian Republic, by representing President Adama Barrow.
As West Africa continues to face multifaceted challenges ranging from fiscal pressure to food insecurity and slowing intra-regional trade, the collection of eBid's pinnacle decision-making bodies has provided both a platform for reflection and a springboard for ambition.
Strategic surveillance amid economic turbulence
The EBID president, which consists of ministers responsible for finance and planning across ECOWAS countries, deliberated extensively on the bank's governance and strategic trajectory. Key agenda items included approval of the 2024 Annual Activity Report, adoption of financial statements, the constitution of the new board of directors, and elections for the new chair.
Submitting his welcome address, Dr. George Agyekum Donkor, chairman and chairman of the EBID board, praised the resigning chairman with his stable stewardship and recognized the governor's valuable support. Reflecting the bank's financial performance, Dr. Dongcole highlighted the strong growth of the year 2024. During that time, we have more than doubled our lending portfolio and almost doubled our overall balance sheet.
In particular, the bank posted a profit increase of 12.86% over the previous year. “This growth could be attributed to a combination of factors such as increased spending, a strategic focus on highly influential sectors, and improved resource mobilization mechanisms,” Dr. Donkor said.
New chairs and new assignments
One of the most important outcomes of the session was the election of Dr. Casielle At Baa Forson, Minister of Finance of the Republic of Ghana, as the new chairman of the evid Judicial Committee. His appointment comes when the region is seeking greater innovation and financial agility from multilateral development banks like EBID.
Dr. Forson's leadership will help strengthen the bank's mission to support member states through concession funding, private sector stimulation and regional infrastructure projects, particularly under the framework of ECOWAS Vision 2050 and Banking Strategy 2025.
Innovative Financing and Private Sector Engagement
In his keynote address, Vice President Mohammed BS Jarrou issued a Clarion call to eBid to expand its toolkit for financial products. Emphasizing the growing need for member states to pursue development goals without exacerbating their debt burden, he urged banks to “explorate more innovative and transparent out-of-balance sheet finance products.”
The Vice President also advocated for the establishment of a trade finance line dedicated to private sector actors importing goods from the ECOWAS region. “There's an urgent need,” he said. “It's about boosting intra-regional trade and production through targeted private sector support mechanisms.”
This message resonated with broader sentiment across the board. In other words, regional development banks need to function more and more as catalysts for structural transformation.
Agricultural Investment: A $10 million increase for food security
Among the session's groundbreaking developments was a US$10 million public sector loan facility signed between EBID and the Gambian government. The facility will be channelled towards the National Food Security Processing and Marketing Corporation (NFSPMC) as part of the implementation of the Second Generation National Agricultural Investment Plan for Food and Nutritional Security (GNAIP II-FNS).
The initiative aims to increase agricultural productivity, improve food safety and increase the added value in agricultural processing. This is a key sector of both economic diversification and poverty alleviation in the subregions.
The lending facility aligns with the EBID's strategic focus on investment in key sectors such as agriculture, technology, industry and transportation. Dr. Dongkol reiterated the bank's intentions to support initiatives that provide measurable socioeconomic benefits, particularly for vulnerable communities in West Africa.
The path ahead: Towards deeper regional integration
As ECOWAS progresses in its integrated agenda (a single currency, borderless trade, and harmonious infrastructure), Ebid's role as a financial engine for regional development has not been more prominent than ever.
The bank's 2024 achievements, including profitability, expanding balance sheets and deepening its project pipeline, reflecting the strengthening of the system's capabilities. However, the path ahead calls for greater reactivity to geopolitical volatility, climate risks, and demographic pressures.
Pivoting EBIDs into more diverse financial products, increasing engagement with the private sector, and greater operational transparency are key to unlocking the great potential of the region.
Turning points for regional development finance
The 23rd regular session of the EBID Committee meant more than the annual statutory engagement. It was a reaffirmation of the common aspirations of West African countries to harness collective economic power.
The appointment of new chairs, launching major food security projects, and approval of strong financial results serve as indicators for dynamic, forward-looking institutions. However, innovation, deeper trade connections and calls for comprehensive funding highlight the urgency to adapt to new reality.
EBID remains a cornerstone of hope as the region tackles both legacy and new challenges. This is designed to turn vision into action and policies into prosperity.
With effective leadership, strengthened governance and a strategic shift towards sustainable finances, we believe that EBID remains not only relevant but essential in shaping the economic future of the ECOWAS region.
