Ghana’s Minister for Finance, Dr Cassiel Ato Forson, has been elected Chairman of the Board of Governors of the ECOWAS Bank for Investment and Development (EBID), placing Ghana in a leading role within one of West Africa’s main financial institutions.
The ECOWAS Bank for Investment and Development is a leading regional investment and development bank, owned by the fifteen Economic Community of West African States Member States.
The announcement was made during the 23rd Annual General Meeting of the Board of Governors of EBID, held in Banjul, The Gambia, on Monday, April 14 2025. Although Dr Forson was not present at the meeting, his message was delivered by Deputy Minister for Finance, Mr Thomas Nyarko Ampem.
Speaking on behalf of Dr Forson, Mr Ampem conveyed the Finance Minister’s appreciation for the confidence shown in Ghana’s leadership and said the country is prepared to contribute meaningfully to the Bank’s work.
“To my fellow Governors, thank you for the trust you have placed in Ghana’s leadership. I will continue to rely on your support in the year ahead,” Dr Forson said in his message.
Outlining his vision for the Bank, Dr Forson identified four priorities for his tenure. These include raising funds for regional projects, recovering capital through stronger asset management, expanding the Bank’s investment base by attracting non-regional members, and increasing EBID’s visibility as a development finance institution in West Africa.
He noted that while the sub-region faces economic challenges, it also has opportunities for growth. With shared effort, he said, the Bank can help build a more integrated and productive West Africa.
Ghana is currently one of the largest beneficiaries of EBID funding, with about $408 million committed to 24 ongoing projects across sectors such as energy, infrastructure, and financial services.
These include financing for Consolidated Bank Ghana, Access Bank Ghana PLC, the Tema LNG Terminal, and the Marriott Hotel project.
Dr Forson also acknowledged the work of the Bank’s President, Dr George Agyekum Donkor, and said progress made under his leadership reflects steady institutional growth.
The outgoing chairman, Mr Seedy Keita of The Gambia, described his time in office as a privilege and said he was confident that Dr Forson would steer the Board effectively. He also reiterated EBID’s role in supporting the development agenda of ECOWAS member states.
The ECOWAS Bank for Investment and Development (EBID) has metamorphosed into a fully-fledged development finance institution (DFI) over the years. As a major regional DFI, the Bank, for over forty years, has focused on helping Member States to meet infrastructural, social and institutional challenges in the ECOWAS sub-region, through financing projects under its private and public sector windows. With each intervention, we have always endeavoured to achieve our vision of being “an effective instrument for poverty alleviation, wealth creation and job promotion for the well-being of the people of the sub-region”.
Originally set up in 1975 as the ECOWAS Fund, it became EBID in 1999 and was later restructured in 2007 to support both public and private sector investment across the region.
After operating as the Community’s DFI for well over forty years, the Bank has accumulated the requisite knowledge and expertise to postulate evidence-based solutions to the challenges that beset Member States. Operating in some of the most fragile communities in the world, EBID has had to deal with very serious socioeconomic challenges. In response to these challenges, we have always taken full advantage of our unique collective capabilities of continually optimising and adapting our business model to bring value to our clientele.
Headquartered in Lomé, Togo, the ECOWAS Bank for Investment and Development is the financial arm of the 15-member regional bloc.
