EBID President Advocates Policy Alignment and SME support to drive AfCFTA growth at 2024 Rebranding Africa Forum

Dr. George Agyekum Donkor, President and Chairman of the ECOWAS Bank for Investment and Development (EBID), has highlighted the transformative potential of the African Continental Free Trade Area (AfCFTA) during his address at the 2024 Rebranding Africa Forum in Brussels. With intra-African trade at approximately 16% and intra-ECOWAS trade even lower at under 12%, Dr. Donkor stressed the need for policy harmonization and infrastructure improvements to unlock sustainable growth across Africa.

Addressing the USD 1.5 to 6.6 trillion trade finance gap affecting Africa's emerging economies, Dr. Donkor underscored the importance of unified efforts among financial and development institutions. He announced EBID's commitment to bridging this gap by expanding its credit lines for trade finance and investing over USD 800 million in small and medium-sized enterprises (SMEs) across the ECOWAS region, empowering them to expand operations and actively participate in AfCFTA.

"We are determined to close these critical financing gaps," Dr. Donkor stated, "by mobilizing resources that support regional businesses, particularly SMEs, to unlock their potential and thrive in the free trade environment." He affirmed that EBID's efforts would directly impact economic resilience and facilitate deeper economic integration within West Africa, further aligning the region with AfCFTA's vision of a single African market.