The Board of Governors of the ECOWAS Bank for Investment and Development assigned again Dr. George Agyekum Nana Donkor Board of Governor of the ECOWAS Bank starting February 1st , 2024

By Abdul Rahman Bangura-

ECOWAS Building
Photo Credit: Africainvestor

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone–  …It carried on during the just-ended 21st Ordinary Session of the Board of Governors held on April 5th, 2023. In carrying the decision, the Board of Governors carried in to review the growth made by the Bank since Dr. Donkor assumed office in January 2020.

Outstanding accomplishments under his administration comprise the deduction of the Bank’s non-performing loans (NPL) ratio from over 8% to 4.28%, $77.5 million recouped in appreciation of capital arrears, and 36.8% balance sheet growth in 2022.

The Board similarly asserted Its achievement with the Improvement In the Bank’s credit rating, presently B2 with a regular 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 red investor confidence in the Bank, despite the daunting global financial context induced by Covid19 pandemic and the Ukraine-Russia predicament.

The amiable Chairman of the Board of Governors, Deputy Prime Minister, and Minister for Finance, Business Development, and Digital Economy of the Republic of Cabo Verde, Dr. Olavo Avelino Garcia Correia, noted that the Board of Governors was of the firm notion that Dr. Donkor was the right person to take the Bank to the next tier.

The Bank’s Board of Directors which approved the renewal of Dr. Donkor’s term of office to the Board of Governors characterized him as a man of impeccable experienced diplomat and a sensible leader who had carried out various admirable endeavors at the helm of the Bank which has resulted in favorable consequences.

In his response, Dr. Donkor vowed to proceed with helping with testers and the Board to forge ahead to establish overseeing financial institutions to help the region, while  assisting Member States to assure socio-economic developments.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent