Ghana has secured a substantial financial boost for its development goals by signing a $2 billion framework agreement with South Korea’s Economic Development Cooperation Fund (EDCF).
This agreement, finalized during the 2024 Korea-Africa Summit, will support Ghana’s priority projects across various sectors such as infrastructure, agriculture, health, education, energy, roads, transport, and ICT over the next five years.
The signing ceremony signifies a significant milestone in the longstanding economic partnership between the two nations.
Dr. Mohammed Amin Adam, Ghana’s Minister for Finance, signed on behalf of the Ghanaian government, while Mr. Cho Tae-yeol, Korea’s Foreign Minister, signed for the Korean government.
The ceremony was attended by Ghana’s Foreign Minister, Shirley Ayorkor Botchwey, and dignitaries from both countries.
Dr. Amin Adam emphasized the strategic importance of the 2024-2028 Framework Arrangement, highlighting its role in promoting sustainable development and prosperity.
He expressed gratitude to the Korean government and the EDCF for their continued partnership and commitment to Ghana’s development journey.
The $2 billion financing facility is expected to drive transformative projects in Ghana, including infrastructure enhancements like high-speed railways, highways, and sustainable energy systems.
Additionally, it will support initiatives to improve healthcare facilities, disease prevention, education access, vocational training, and digital literacy programs, reflecting the government’s dedication to citizen well-being and societal progress.
Transparency, accountability, and efficient project management are key priorities in maximizing the impact of the EDCF investment.
Dr. Amin Adam also noted Ghana’s economic resilience and growth achievements, citing positive indicators such as GDP growth, declining inflation, and improvements in international reserves.
Mr. Cho Tae-yeol expressed satisfaction with the strong relations between Ghana and Korea, highlighting ongoing cooperation agreements in trade, investment, climate financing, defense, and the defense industry.
He expressed optimism about deepening and broadening bilateral relations for mutual benefit.
The successful implementation of Ghana’s IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG) has played a central role in these achievements, with expected additional disbursements to further support Ghana’s economic objectives.
Ghana’s delegation to Korea for the Africa-Korea Summit was led by President Nana Addo Danquah Akufo-Addo and included key ministers from various sectors.
Source-myjoyonline
