The ECOWAS Bank for Investment and Development (EBID) has approved a US$47.4 million financing package for Azumah Resources Ghana Limited to support the development of the Black Volta Gold Project, marking a significant boost for Ghana’s mining sector and the country’s efforts to expand its portfolio of large-scale gold operations.

The funding was among five major projects approved by the regional development finance institution during the 99th Ordinary Session of its Board of Directors, held on July 6, 2026, under the chairmanship of EBID President, Dr George Agyekum Donkor.

According to the bank, the financing will be used to procure long-lead process plant equipment and undertake critical early-stage development activities required to advance the Black Volta Gold Project toward production.

The approval comes as Azumah Resources works to establish the project as one of Ghana’s emerging gold mining operations, with the investment expected to accelerate development timelines and support future production capacity.

The transaction underscores EBID’s growing role in financing strategic private-sector investments across West Africa, particularly projects with the potential to generate employment, attract further capital and contribute to economic growth.

“The projects approved during this 99th Board Session demonstrate EBID’s unwavering commitment to financing development solutions that directly improve the lives of West African citizens,” Dr Donkor said.

“From clean energy and transport infrastructure to healthcare, housing and financial sector resilience, these investments will strengthen regional competitiveness and support sustainable and inclusive growth across our community,” he added.

The Azumah Resources facility formed part of a broader package of investment approvals worth more than US$417 million across infrastructure, healthcare, housing and public-sector development projects in the sub-region.

Among the largest approvals was US$260 million for a 123-kilometre section of Nigeria’s Trans-Saharan Highway, a project intended to improve regional connectivity, facilitate trade and reduce logistics costs.

In Côte d’Ivoire, EBID approved €80 million for the design, construction, equipping and maintenance of the 150-bed Regional Hospital of Ferkessédougou under a public-private partnership arrangement. The bank also approved XOF10 billion in a credit line to Banque de l’Habitat de Côte d’Ivoire to support housing finance and small and medium-sized enterprises operating within the construction value chain.

Another XOF12.82 billion was approved for the renovation, operation and maintenance of the Symphonie Building in Abidjan, which is expected to serve as the headquarters of the country’s Ministry of Justice.

EBID said the latest approvals align with its Growth, Resilience and Optimisation (GRO) Strategy, which prioritises transformative infrastructure, human capital development, private-sector expansion and regional integration.

For Ghana, the financing of the Black Volta Gold Project represents an important vote of confidence in the country’s mining industry and highlights the increasing role of regional development finance institutions in supporting major resource-based investments.

Headquartered in Lomé, Togo, EBID serves as the development finance institution of the 15 ECOWAS member states, providing long-, medium- and short-term financing for projects across infrastructure, industry, agriculture, environment and social services.