UG Alumnus and member of the UG Governing Council, Dr. George Agyekum Nana Donkor, has been re-appointed as President of the ECOWAS Bank for Investment and Development for a second five-year term beginning February 1, 2024.
The Board of Governors made this decision during the 21st Ordinary Session held on April 5, 2023, after considering the remarkable progress made by the Bank under Dr. Donkor’s leadership since January 2020.
Since 2022, Dr. Donkor has served on the University Council. His sound judgment and astounding inputs to Council decisions have greatly contributed to the University’s positive success stories.
Dr. Olavo Avelino Garcia Correia, Deputy Prime Minister and Minister for Finance, Business Development, and Digital Economy of the Republic of Cabo Verde and the outgoing chairman of the Board of Governors expressed confidence in Dr. Donkor’s leadership and his ability 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.
They also commended Dr. Donkor’s professionalism and leadership, which has yielded positive outcomes.
Outstanding achievements under his leadership include the reduction of the Bank’s non-performing loans (NPL) ratio from over 8% to 4.28%, $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.
Dr. Donkor pledged to continue working with the Ministers and the Board to establish the ECOWAS Bank for Investment and Development (EBID) as the leading financial institution in the region while supporting Member States to ensure socio-economic development.