The ECOWAS Bank for Investment and Development has approved four financing operations worth a combined $390 million across West Africa, directing capital into petroleum supply, gold mining, railway infrastructure and climate-smart agriculture.
The approvals, made during the bank’s 101st Ordinary Meeting on September 28 in Lomé, Togo, are among the latest investments under its 2026-2030 Growth, Resilience and Optimisation strategy. Ghana receives the largest share of the approved financing, led by a $230 million facility for the Black Volta Gold Project.
Key Overview
- Four approved operations total $390 million across energy, mining, transport and agriculture.
- Ghana’s MOSL Limited will receive $50 million to support petroleum-product supply.
- Azumah Resources Ghana Limited will receive $230 million for the Black Volta Gold Project.
- Nigeria will receive $100 million for rolling stock and operational equipment for Phase II of the Kano-Maradi railway.
- A further $10 million will support climate-smart agriculture in Ghana, Senegal and Togo.
- The financing aligns with EBID’s Growth, Resilience and Optimisation Strategy for 2026-2030.
Ghana Takes the Largest Share of New Financing
Ghana accounts for $280 million, or nearly 72% of the newly approved financing.
A $50 million facility will support MOSL Limited in supplying petroleum products, while a much larger $230 million facility will finance development of the Black Volta Gold Project.
The gold project is located in northwestern Ghana and covers approximately 934 square kilometres of mining and exploration licences. Its current project profile lists mineral resources of around 2.8 million ounces and reserves of approximately 1.37 million ounces, with an expected mine life of more than 11 years.
The project also represents a substantial escalation in EBID’s financial backing. In July, the bank had already approved a separate $47.4 million facility for long-lead processing equipment and early-stage development work.
The latest $230 million commitment therefore significantly increases the development financing available for the project as it moves closer to production.
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Nigeria Railway Receives $100 Million
Transport infrastructure forms the second-largest component of the package.
Nigeria will receive $100 million to finance rolling stock and operational equipment for Phase II of the Kano-Maradi Standard Gauge Railway Project.
The approved railway financing is intended to improve transport links, increase mobility and facilitate trade.
The broader Kano-Maradi corridor is designed to strengthen connections between northern Nigeria and neighbouring Niger, giving the investment a regional dimension beyond domestic passenger transport.
For West Africa, better rail connectivity can help lower logistics costs, improve access to markets and increase the efficiency of cross-border trade where road transport currently dominates freight movement.
Climate-Smart Agriculture Gets Regional Funding
The smallest facility by value has the widest geographic coverage.
A $10 million facility will support the pilot phase of the West Africa Initiative for Climate-Smart Agriculture across Ghana, Senegal and Togo.
The programme is designed to promote more resilient agricultural practices while expanding farmers’ access to financing. The investment comes as agriculture across the region faces growing exposure to changing rainfall patterns, drought, flooding and other climate-related risks.
By combining agricultural finance with climate resilience, the initiative is intended to strengthen food production while helping farmers adapt to increasingly unpredictable conditions.
Investments Support EBID’s New Five-Year Strategy
The latest approvals are closely aligned with the bank’s Growth, Resilience and Optimisation Strategy covering 2026 to 2030.
The strategy places emphasis on infrastructure, productive investment, private-sector participation and regional integration. The newly approved projects cover several of those areas simultaneously, from extractive industries and energy supply to transportation and agriculture.
The bank has said the investments are expected to strengthen regional value chains, support productive economic activity, facilitate trade and generate employment opportunities.
They also support several Sustainable Development Goals, including poverty reduction, food security, decent work, infrastructure development and climate action.
The $390 million package illustrates the increasingly broad role regional development finance institutions are playing in West Africa. Rather than concentrating on a single sector, the latest approvals combine major infrastructure financing with private-sector investment and smaller targeted programmes aimed at climate resilience.
For Ghana, Nigeria, Senegal and Togo, the immediate impact will depend on how quickly the approved facilities move from financing commitments into project execution. But the scale and range of the investments underline EBID’s growing role in funding projects considered strategically important to regional economic integration and development.
Sources: ECOWAS Bank for Investment and Development / Azumah Resources / Business Post
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