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ECOWAS Bank Urges Stronger Democracy for Investment

by Adenike Adeodun

To draw more investments for amplified development in West Africa, the ECOWAS Bank for Investment and Development (EBID) emphasises the need for a robust democracy and effective governance.

EBID’s President, Dr. George Agyekum Donkor, stated, “Investors prioritise regions with established democracy and sound governance. The perception of political instability deters investments due to associated risks.” Dr. Donkor underscored EBID’s dedication to championing economic growth, wealth generation, and regional industrialization, aiming for the betterment of the West African populace.

According to a report by Graphic Online, he expressed the urgency to secure investments essential for growth and prosperity and to realise the Sustainable Development Goals (SDGs) throughout West Africa. These remarks came during his interview with the Daily Graphic following the conclusion of the second Ghana CEO Vision and Awards event in Accra.

Organized by Globe Productions, this event celebrates CEOs who’ve significantly impacted their respective industries. The recent theme focused on the contribution of business leadership to achieving Ghana’s SDGs. Among the evening’s honorees, Dr. Donkor clinched the “CEO of the Year, Africa” accolade, distinguishing himself with his vision, leadership, and innovative practises.

Despite EBID’s commitment to transformational initiatives across ECOWAS nations, Dr. Donkor highlighted challenges, including resource limitations. He also pointed to political unrest in some member countries, global repercussions of the Russia-Ukraine conflict, and rising US interest rates targeting inflation. He emphasised the need to “mobilise resources for the numerous projects in the sub-region,” noting a staggering infrastructure deficit surpassing $6 billion.

Expressing gratitude for the award, Dr. Donkor expressed his appreciation to the organisers and acknowledged the recognition of his efforts. He emphasised his dedication to fostering sustainable development and driving economic growth, not just in West Africa but across the entire African continent.

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