ECOWAS Bank reappoints George Agyekum Nana Donkor as President

The Board of Governors of the ECOWAS Bank for Investment and Development (EBID), comprising the Ministers of Finance and / or Economic Planning of the fifteen ECOWAS member states, has unanimously re-appointed Dr George Agyekum Nana Donkor as President of the Bank for the second term of five years beginning February 1, 2024. The appointment took place during the just ended 21^st Ordinary Session of the Board of Governors held on April 5, 2023. 

In taking the decision, the Board of Governors took into consideration the progress made by the Bank since Dr Donkor assumed office in January 2020. Notable achievements under his leadership include the reduction of the Bank’s non-performing loans (NPL) ratio from over 8% to 4.28%, USD 77.5 million recovered in respect of capital arrears, 36.8% balance sheet growth in 2022, two consecutive widely successful debenture issuances on the UEMOA market and the enhanced quality of the Bank’s portfolio. 

The Board also expressed its satisfaction with the improvement in the Bank’s credit rating, currently B2 with a stable outlook by both Moody’s and Fitch Rating Agencies, which is the best ever rating in the Bank’s history and a reflection of the renewed investor confidence in the Bank, in spite of the daunting global economic context caused by Covid-19 pandemic and the Ukraine-Russia crisis. In his remarks, the outgoing chairman of the Board of Governors, Deputy Prime Minister and Minister for Finance, Business Development and Digital Economy of the Republic of Cabo Verde, His Excellency Dr Olavo Avelino Garcia Correia, stated that the Board of Governors was of the firm belief that Dr. Donkor was the right person to take the Bank to the next level. 

The Bank’s Board of Directors which recommended the renewal of Dr Donkor’s term of office to the Board of Governors, described him as a man of impeccable professional credentials and a pragmatic leader who had implemented several commendable initiatives at the helm of the Bank which has yielded positive outcomes. In his response, Dr Donkor pledged to continue working with the Ministers and the Board to forge ahead with the objective of establishing EBID as the leading financial institution in the region, while supporting Member States to ensure socio-economic development.