President of the Economic and Business Development Association Emphasizes the Vital Contribution of Development Finance Institutions in Driving Growth in Africa
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He delivered his statements during a series of public lectures on the theme “Shaping Africa’s Development Finance Landscape: Challenges and Prospects” at the University of Development Studies (UDS) School of Business in Tamale, Ghana.
In discussing the financial challenges present in capital markets, the President of EBID highlighted that while private credit may falter during economic downturns, Development Finance Institutions (DFIs) can provide essential long-term funding for investment initiatives. He referenced the critical role of DFIs in helping governments rejuvenate struggling industries and promote economic recovery amidst various global shocks.
“DFIs are instrumental in the growth and progress of emerging and developing nations. They are vital in facilitating market expansion, minimizing risks, and allowing investors to tap into unexplored markets,” Dr. Donkor stated. He noted, “Throughout the years, EBID has established itself as the leading DFI in West Africa, serving as a key driver in transforming the region by financing significant ECOWAS projects and programs across priority economic sectors.”
He emphasized the need for policy enhancements, including the establishment of strong corporate governance frameworks within DFIs, comprehensive risk management strategies, and robust monitoring and evaluation systems to maximize their contribution to the African economy.
The lecture also examined innovative financial solutions, including green funds, and outlined strategies to position Africa as a burgeoning investment destination, while progressing towards the Sustainable Development Goals (SDGs) and the African Union Agenda 2063. The Pro Vice-Chancellor of the University, Professor Elliot Haruna Alhassan, who represented Vice Chancellor Professor Seidu Alhassan, chaired the event, which attracted distinguished scholars, finance professionals, students, and members of the public.