Ghana and Korea seal $2 billion deal to drive development agenda

The government of Ghana has secured major financial aid to boost its development aspirations. Ghana has signed a $2 billion framework arrangement with South Korea’s Economic Development Cooperation Fund (EDCF).

The agreement reached at the 2024 Korea-Africa Summit, will ensure the implementation of government’s flagship policies across all sectors of the economy.

The sectors that will benefit the most include infrastructure, agriculture, health, education, energy, roads, and transport in the next half-decade.

Representing Ghana during the signing ceremony was Dr. Mohammed Amin, the finance minister. The deal marks a significant milestone in fostering the bilateral relationship between the two countries.

“The signing of the 2024-2028 Framework Arrangement represents a renewed commitment to our shared vision of sustainable development and prosperity,” Dr. Amin Adam stated, underscoring the strategic importance of the deal.

The deal is historic as it marks the first time a country has committed such an amount on concessional terms. Dr. Amin Adam thanked the South Korean government on behalf of the state.

“On behalf of His Excellency President Nana Addo Dankwa Akufo-Addo and the good 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 minister said.

The $2 billion financing facility is poised to catalyze transformative projects across multiple sectors, propelling Ghana’s development ambitions to new heights.

Dr. Amin Adam highlighted the deal’s potential impact, stating, “With the provision of $2 billion from EDCF, we will embark on transformative projects that are set to redefine our nation’s infrastructure landscape. High-speed railways, highways, and sustainable energy systems are on our agenda.”