Ghana has secured a major financial boost for its development goals by signing a $2 billion framework agreement with South Korea’s Economic Development Cooperation Fund (EDCF).
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The deal was finalized during the 2024 Korea-Africa Summit.
The agreement will support Ghana’s key priority programs over the next five years, covering infrastructure, agriculture, health, education, energy, roads, transport, and ICT.
The signing marks a significant milestone in the bilateral economic development partnership between the two nations.
The Minister for Finance, Dr. Mohammed Amin Adam, signed the agreement on behalf of Ghana, while the Foreign Minister for Korea, Mr. Cho Tae-yeol, signed for South Korea. Ghana’s Foreign Minister, Shirley Ayorkor Botchwey, and other dignitaries were present at the ceremony.
Dr. Amin Adam emphasized the importance of the deal, stating, “The signing of the 2024-2028 Framework Arrangement represents a renewed commitment to our shared vision of sustainable development and prosperity.”
He expressed gratitude to the Korean government, saying, “On behalf of His Excellency President Nana Addo Dankwa Akufo-Addo and the people of Ghana, I want to express our sincere gratitude to the Korean government and the EDCF for their continued partnership and commitment to our development journey.”
The $2 billion financing will support transformative projects across various sectors, including high-speed railways, highways, and sustainable energy systems.
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Dr. Amin Adam highlighted the potential impact, stating, “We will embark on transformative projects that are set to redefine our nation’s infrastructure landscape.”
The agreement will also enhance healthcare facilities, disease prevention, and health and education initiatives. “A healthy population is the bedrock of progress,” Dr. Amin Adam said, emphasizing the government’s commitment to improving citizens’ well-being.
Education remains a top priority, with plans to expand access to quality learning opportunities, vocational training, and digital literacy programs. “Our commitment to quality education remains unwavering,” Dr. Amin Adam affirmed.
Transparency and accountability will be crucial in the government’s approach, with assurances of efficient project management and effective monitoring to maximize the investment’s impact. “We remain committed to ensuring efficient utilization of the EDCF resources through effective project management,” he stated.
Dr. Amin Adam also highlighted Ghana’s recent economic rebound, driven by prudent policies and robust growth. “Ghana has made notable strides in its macroeconomic landscape,” he said, citing GDP growth, declining inflation, and improvements in international reserves.
Mr. Cho Tae-yeol expressed happiness about the strong relations between the two countries, noting that high-level engagements and effective communication have underpinned their partnership. He also highlighted ongoing cooperation agreements in trade, investment, climate financing, and defense.
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