Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), has underscored the critical role of Development Finance Institutions (DFIs) in providing capital to fuel economic growth in emerging economies.
Speaking at a series of public lectures on “Shaping Africa’s Development Finance Landscape: Challenges and Prospects” at the University of Development Studies (UDS) School of Business in Tamale, Ghana, Dr. Donkor emphasized the unique ability of DFIs to address financing gaps, particularly during economic crises.
“Where private credit may fall short, DFIs step in to provide long-term financing for critical investment projects,” Dr. Donkor noted, highlighting their role in reviving failing industries and driving economic recovery amidst multiple global shocks.
He stressed that DFIs are instrumental in:
- Expanding markets and reducing investment risks.
- Attracting other investors to tap into untapped markets.
“Over the years, EBID, as the premier DFI in West Africa, has been a key driver in transforming the region by financing major ECOWAS projects and programmes across priority sectors,” Dr. Donkor added.
Policy Recommendations
To maximize the impact of DFIs on Africa’s economic growth, Dr. Donkor called for:
- Establishing robust corporate governance frameworks.
- Implementing comprehensive risk management systems.
- Ensuring strong monitoring and evaluation mechanisms.
Innovative Solutions for Africa’s Development
The lecture also explored innovative financing solutions, including the use of green funds, and strategies to position Africa as the next global investment hub. Dr. Donkor emphasized aligning these efforts with the Sustainable Development Goals (SDGs) and the African Union Agenda 2063 to ensure long-term, sustainable development.
UDS Leadership’s Commitment
The session, chaired by Professor Elliot Haruna Alhassan, Pro Vice-Chancellor of UDS, brought together scholars, finance experts, students, and members of the general public. Prof. Alhassan, representing Vice-Chancellor Professor Seidu Alhassan, commended the insights shared and reiterated the university’s commitment to fostering discourse on Africa’s economic development.
