ECOWAS Bank Posts 12.86% Increase In Profit

ECOWAS Bank for Investment and Development (EBID) reported a 12.86 per cent rise in profit for 2024, reaching UA 6.43 million (USD 8.55 million), up from UA 5.70 million (USD 7.60 million) in 2023.

The growth was driven by increased disbursements, strategic sector focus, and enhanced resource mobilisation, which surged by 30.71 per cent to UA 288.53 million (USD 383.60 million).

During its 23rd Ordinary Session in Banjul, The Gambia, EBID appointed minister of

Finance of the Republic of Ghana, Dr. Cassiel Ato Baah Forson, as its new chairman of its Board of Governors. He  took over from Gambia’s minister of Finance and Economic Affairs, Seedy Keita.

During the meeting, chaired by the former chairman and Governor for The Gambia, Seedy K. M. Keita, Minister of Finance and Economic Affairs, was graced with the presence of His Excellency Muhammed B. S. Jallow, vice president of the Republic of the Gambia who represented President Adama Barrow of the Republic of The Gambia

In his welcoming remarks, president of EBID, Dr. George Agyekum Donkor, revealed that the bank achieved a 30.71% increase in revenue mobilisation from 2023 to 2024.

The EBID exceeded its five-year resource targets by 34 per cent, securing UA 1.59 billion against a UA 1.19 billion goal. Bond issuances in the UEMOA market outperformed projections at 114 per cent, while bilateral loans hit 170 per cent of targets. The bank’s balance sheet grew by 5.6 per cent  to UA 1,479.6 million (USD 1.97 billion).

Dr. Donkor pointed out that in 2024, EBID successfully mobilised resources totaling UA 288.53 million, equivalent to USD 383.60 million.

Dr. Donkor also reported a rise in the bank’s profitability, which reached UA 6.43 million (USD 8.55 million) in the current year, reflecting a 12.86 per cent increase from the UA 5.70 million (USD 7.60 million) recorded in 2023.

The increase in profitability is attributed to several factors, including higher disbursements, a strategic focus on key sectors, and practical resource mobilisation efforts.

“EBID outperformed its five-year resource targets by 34 per cent, securing UA 1.59 billion against an expected UA 1.19 billion,” Dr. Donkor stated.

He noted that bilateral loans were particularly successful, achieving 170 per cent of their target, indicating strengthened bilateral partnerships. Additionally, bond issuances in the UEMOA market exceeded projections at 114  per cent, reflecting growing confidence in capital markets, while ECA/commercial funds were close to the target at 94 per cent.

Meanwhile, speaking on the appointment of the new chairman of the Board of Governors, Dr.

Donkor, expressed his confidence in the Dr. Forson’s ability to lead the Bank towards

achieving its objectives in terms of strategic growth, efficiency, and regional impact.

The President of EBID also highlighted Dr. Forson’s expertise in macroeconomics,

fiscal and tax policy administration, finance, and business management as an

experienced Tax Practitioner and Chartered Accountant with over 20 years’

experience in the public and private sectors.

In his remarks, deputy minister for Finance of the Republic of Ghana, Thomas Nyarko Ampem, who represented Dr.Forson, reiterated the commitment of the new Chairman of the Board to helping the Bank achieve its objectives. He emphasised that the new Chair was focused on ensuring that the Bank made progress to build on existing achievements, especially in the areas of resource mobilisation and capital recovery. He also pledged to support the bringing

on board of non-regional members and the overall establishment of EBID as the

leading Development Finance Institution in West Africa.