• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, June 28, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

ECOWAS Bank Posts 12.86% Increase In Profit

by Nse Anthony - Uko
2 months ago
in Business
ECOWAS
Share on WhatsAppShare on FacebookShare on XTelegram

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.

Advertisement

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

RELATED

Diadem Group CEO Olaitan Gbenga Honoured In Zambia

Diadem Group CEO Olaitan Gbenga Honoured In Zambia

3 hours ago
Nigeria’s Wealthy Evade Taxes Amid Rising Inequality: Oxfam Report

New Tax Law: Industrialists Project N3.2trn Increase In Non-oil Revenue

7 hours ago

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.

 

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Economic Community of West African States (ECOWAS)ECOWAS Bank
SendShareTweetShare
Previous Post

Food Inflation: Govt Urged To Focus On Production Via Ongoing Reforms

Next Post

Nigerian Petroleum Engineers Institute To Drive Oil Industry Growth

Nse Anthony - Uko

Nse Anthony - Uko

You May Like

Diadem Group CEO Olaitan Gbenga Honoured In Zambia
Business

Diadem Group CEO Olaitan Gbenga Honoured In Zambia

2025/06/28
Nigeria’s Wealthy Evade Taxes Amid Rising Inequality: Oxfam Report
Business

New Tax Law: Industrialists Project N3.2trn Increase In Non-oil Revenue

2025/06/28
Celebrating President Tinubu’s Remarkable Two Years In Office
Business

Tinubu Confers GCON Honour On Oramah

2025/06/28
Investors Gain N1.43trn From Stocks In 1 Week
Business

Investors Gain N1.43trn From Stocks In 1 Week

2025/06/28
Stakeholders Prepare For 7th Africa Procurement, Supply Chain Summit In Lagos
Business

Stakeholders Prepare For 7th Africa Procurement, Supply Chain Summit In Lagos

2025/06/28
DBN Disburses N155.7bn Loans To MSMEs In 2023
Business

DBN Empowers MSME Tech Startups With Capital

2025/06/28
Leadership Conference advertisement

LATEST

Federal Gov’t Lauds ABUAD’s Global Recognition In 2025 Times Varsity Rankings

INEC Confirms Moves To Register ADA As Politcal Party

JUST-IN: Bomb Explosions Kill 4, Injure 21 Others In Yobe

Defections: ‘The Worst Yet To Happen,They Can Leave, We Are Rebuilding PDP’, Says Saraki

Periwinkle Empire Tackles Insecurity, Power Outages, Others In Lagos

Diadem Group CEO Olaitan Gbenga Honoured In Zambia

African U18/U20 Athletics Championships: 5 Team Nigeria Starlets To Watch

President Federation Cup: Danjuma Confident Of Nasarawa Amazons Victory Against Rivers Angels

WAFCON 2024: Waldrum Tips Super Falcons To Win 10th Title

Brighton Sign Super Falcons Goalkeeper Nnadozie From Paris FC

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.