Dr. Duffuor Is New EBID Board Chairman

The Minister of Finance and Economic Planning, Dr Kwabena Duffuor, has been elected the new chairman of the Board of Governors of the Ecowas Bank for Investment and Development (EBID).

The board of governors are in Accra for the 9th ordinary meeting of EBID to deliberate on issues affecting the Ecowas financial institution. Dr Duffour will replace current chairman Mambure Njae from Gambia.

Dr Duffour becomes the first Ghanaian to hold this position. Speaking at the opening ceremony of the meeting, the Finance Minister reiterated the need for countries in the sub-region to position themselves strategically to withstand the shocks from reduced support from foreign donors.

“Since our state or our country depends mainly on exports from primary commodities given the slow growth of the financial market, our countries are likely to experience trade shocks, therefore we should take note of that.

“We’re also likely to experience reduction in public aid for development; we’re also likely to experience a decline in capital inflows. In this regard, African countries and most specifically those in the sub-region must try to enhance internal financing instruments and mechanisms which they have put in place” he advised.

Meanwhile Citi Business News sources say Ghana is one of a number of West African countries that have put in a bid for the funding of some projects. EBID’s finances have improved over the years and its loan disbursement to member countries last year increased by 6 percent.