Ghana and South Korea Forge $2 Billion Development Partnership

Ghana has secured a $2 billion agreement with South Korea, signifying an important step in the country’s growth trajectory. Over the next five years, this significant financial commitment which comes from South Korea’s Economic Development Cooperation Fund (EDCF) is expected to transform Ghana’s vital industries, including infrastructure, health, and education.

Formally signed during the 2024 Korea-Africa Summit, the deal represents an important milestone in the long-standing economic ties between the two countries. Dr. Mohammed Amin Adam, Ghana’s Minister of Finance, and Mr. Cho Tae-yeol, South Korea’s Minister of Foreign Affairs, signed the agreement, establishing their nations’ cooperative framework for 2024–2028.

Dr. Adam expressed immense gratitude towards the Korean government and the EDCF, emphasizing the agreement’s alignment with Ghana’s strategic development goals. “The signing of the 2024-2028 Framework Arrangement represents a renewed commitment to our shared vision of sustainable development and prosperity,” he said. He acknowledged the support from the Korean side, representing a solid partnership aimed at propelling Ghana’s growth.

With this money, groundbreaking initiatives that have the potential to completely alter Ghana’s infrastructure sector will soon get started. Plans include the building of vast highway networks, high-speed rail lines, and renewable energy initiatives. It is anticipated that these measures will greatly accelerate the country’s development trajectory and improve the standard of living for its people.

Ghana is committed to promoting a healthy populace, thus the cooperation will concentrate on developing facilities and preventing illnesses in the healthcare sector. Significant funding will also be allocated to education projects, with the goal of improving digital literacy, increasing access to high-quality education, and providing vocational training nationwide.

Dr. Adam pledged accountability for the utilization of the EDCF money and guaranteed openness and efficient management in the execution of these projects. “We are committed to ensuring efficient utilization of the EDCF resources through effective project management to maximize the impact of this investment,” he stated.

Dr. Adam emphasized the resiliency of Ghana’s economy by highlighting its recent achievements, which include strong GDP growth, falling rates of inflation, and increases in international reserves. These accomplishments have been strengthened by sensible policies and the well-executed Post-Covid-19 Programme for Economic Growth (PC-PEG), which is funded by the IMF.

Mr. Cho Tae-yeol also conveyed his excitement regarding Ghana and Korea’s bilateral relations going forward. He emphasized the strong, mutually beneficial relationships that are cultivated by efficient communication between the two countries’ leaders. Mr. Cho noted possible increases in trade, investment, climate financing, and defense cooperation. “The robust connections between the two countries have been underpinned by high-level engagements between the leadership of the two countries,” he said.

The Ghanaian delegation to the Korea-Africa Summit, led by President Nana Addo Dankwa Akufo-Addo, included key ministers such as Dr. Mohammed Amin Adam (Finance), Hon. K.T. Hammond (Trade and Industry), Shirley Ayorkor Botchwey (Foreign Affairs), Hon. Bernard Oko Boye (Health), and Hon. Ursula Owusu-Ekuful (Communication and Digitalisation).