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This article was produced with the support of ECOWAS Bank for Investment and Development
Dr George Agyekum Donkor, President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), has called for a bold and strategic approach to climate financing as a catalyst for Africa’s sustainable growth and economic transformation. His remarks were delivered at the 2025 Africa Financial Summit (AFIS) held in Casablanca, Morocco.
Addressing delegates on the theme, “Climate and Bond Markets: How to Build Africa’s Sustainable Finance Arsenal”, Dr Donkor emphasised that Africa already possesses significant financial resources to fund climate-smart investments. He highlighted that the continent’s pension funds alone exceed USD 160 billion, with more than 90% invested in government securities and instruments. West Africa, he noted, accounts for approximately USD 40 billion of these assets.
“The challenge,” Dr Donkor argued, “is not the availability of capital but rather ensuring projects are investment-ready and attractive, and that there is the political will to channel these resources into sustainable development.” He urged African governments and financial institutions to prioritise the de-risking of climate-focused projects and to implement regulatory frameworks that facilitate access to climate-sensitive financing. Such measures, he noted, are essential to accelerating Africa’s sustainable development agenda.
Dr Donkor also highlighted the unique role of Development Finance Institutions (DFIs) in mobilising green capital. “DFIs can act as catalysts, leveraging existing resources to help governments achieve their green investment objectives,” he said. As a case in point, he noted that EBID became the first DFI to issue a Green, Social and Sustainable (GSS) bond on the West African Economic and Monetary Union (WAEMU) market in July 2024, providing crucial funding for projects aligned with environmental and social priorities.
The 2025 AFIS convened leading figures from Africa’s financial and industrial sectors, including policymakers, private sector leaders, and development partners, to discuss strategies for advancing the continent’s industrialisation and financial transformation. The summit serves as a critical platform for dialogue, collaboration, and the promotion of innovative financing solutions tailored to Africa’s unique development challenges.
Dr Donkor’s remarks underscore the pressing need for Africa to harness its existing financial resources strategically, while simultaneously fostering regulatory and policy environments that support sustainable investment. As climate change increasingly shapes economic realities across the continent, his call for proactive, innovative financing solutions offers a roadmap for Africa’s sustainable growth and long-term transformation.
