The ECOWAS Bank for Investment and Development (EBID) has approved a US$230 million financing facility for Azumah Resources Ghana Limited to support the development of the Black Volta Gold Project.
The approval was granted during EBID’s 101st Ordinary Meeting of the Board of Directors held on September 28, 2026, in Lomé, Togo, where the regional development finance institution approved four strategic operations valued at a combined US$390 million across energy, mining, transport and climate-smart agriculture sectors in West Africa.
According to EBID, the US$230 million facility will support the development of the Black Volta Gold Project and is expected to promote local value creation and economic activity in Ghana.
The latest approval represents a significant scale-up of EBID’s support for the project.
In July 2026, the bank approved a separate US$47.4 million financing package for Azumah Resources Ghana Limited to fund the procurement of long-lead process plant equipment and critical early-stage development activities required to advance the project toward production. That approval was granted during EBID’s 99th Ordinary Session held on July 6, 2026.
Commenting on the latest approvals, EBID President and Chairman of the Board of Directors, Dr. George Agyekum Donkor, said the investments reflect the bank’s commitment to financing projects that generate tangible economic and developmental benefits across the region.
He noted that the approved operations would strengthen regional value chains, facilitate trade and create opportunities for private-sector participation and employment.
EBID stated that the financing aligns with its Growth, Resilience and Optimisation (GRO) Strategy 2026–2030 and supports several Sustainable Development Goals, including decent work and economic growth, industry and infrastructure development, poverty reduction and climate action.
For Ghana’s mining sector, the latest financing commitment is expected to accelerate development of the Black Volta asset and further position the project as a key contributor to local economic growth and value creation as it moves closer to production.
Source: businesspostonline
