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The futures prices of gold and silver tanked during Thursday trading.
COMEX gold futures dipped to below 4,800 U.S. dollars per ounce, and silver futures plummeted to below 70 dollars per ounce.
After a sharp sell-off last week and early this week, precious metal prices have continued to fluctuate around key psychological levels.
Gold, silver prices drop sharply
Gold, silver prices drop sharply
African officials on Wednesday pledged to scale up investment to accelerate development across the member states of the Economic Community of West African States (ECOWAS) at a meeting in Accra, Ghana's capital.
They made the commitment during the 24th Annual General Meeting of the ECOWAS Bank for Investment and Development (EBID), where leaders highlighted the need to expand the bank's capital base to finance transformative projects.
Ghanaian Finance Minister Cassiel Ato Forson stressed that timely capital payments would strengthen EBID's leverage and sustain its growth, enabling the institution to stimulate inclusive economic expansion across the region.
"Timely capital payments are critical. It strengthens EBID leverage and sustains its growth and impact across our region. Expanding our capital base is essential to strengthen our ability to finance transformative development projects and stimulate inclusive economic growth among our member states," said Forson.
EBID recorded strong achievements in 2025, with total disbursements of about 722 million U.S. dollars, up 47.7 percent from 2024. Building on that momentum, President George Agyekum Donkor said the bank remains committed to helping member states tackle poverty and close infrastructure gaps across the region.
"We aim to direct at least 63 percent of new commitments towards the private enterprises to catalyze job creation and innovation. Simultaneously, the bank would embed environmental, social and governance principles across its operations, dedicating over 41 percent of resources to climate mitigation and social inclusion projects," said Donkor.
With disbursements surging nearly 48 percent last year, EBID officials said the bank is positioned to channel more resources into private-sector growth and climate-focused projects, reinforcing its role as a driver of inclusive development across West Africa.
African officials vow stronger investment push at ECOWAS bank meeting in Accra
