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By Jonathan Ofori | BBC News, Accra | 7 July 2025, 15:15 GMT
The ECOWAS Bank for Investment and Development (EBID) has rejected suggestions that its $100 million support for Ghana’s Black Volta Gold Project is politically motivated.
Speaking at the signing ceremony in Accra, the Bank’s President, Dr George Donkor, dismissed the allegations as “unfounded and misleading,” insisting the project is rooted in economic transformation rather than political gain.
“This initiative is purely driven by economic and developmental goals,” Dr Donkor said. “It is not about politics. It is about creating value, jobs, and sustainable growth in Ghana and across the West African region.”
The agreement, signed between EBID, Engineers and Planners, and Azumah Resources Ghana Limited, is aimed at boosting the Black Volta Gold Project located in Ghana’s Upper West Region.
Dr Donkor stressed that the project aligns with the Bank’s broader mandate to drive regional integration and development through investments in mining, infrastructure, and energy.
He also called on the Government of Ghana and other key stakeholders to increase their support for the mining sector, highlighting its potential to generate employment and promote industrialisation.
“We believe the mining sector holds enormous potential to transform local economies,” he noted. “We call on government and all stakeholders to support this sector to unlock jobs, revenue, and long-term development opportunities.”
The $100 million funding is expected to accelerate the development of the gold project, which promises significant economic impact through job creation, community development, and increased foreign exchange earnings.
The deal also underscores the growing importance of public-private partnerships in delivering sustainable economic outcomes across the ECOWAS sub-region.
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