Ghana’s administration has secured substantial financial assistance to bolster its developmental goals. The nation has inked a $2 billion framework pact with South Korea’s Economic Development Cooperation Fund (EDCF).
The accord, finalized at the 2024 Korea-Africa Summit, will facilitate the execution of the government’s flagship policies across all sectors of the economy.
Key sectors poised to benefit encompass infrastructure, agriculture, healthcare, education, energy, roads, and transportation over the next five years.
Dr. Mohammed Amin, the finance minister, represented Ghana during the signing ceremony. This agreement signifies a notable achievement in strengthening the bilateral ties between the two nations.
“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.
This agreement is unprecedented, representing the inaugural instance of a nation pledging such a substantial sum on concessional terms. Dr. Amin Adam extended gratitude to 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 funding mechanism is positioned to ignite transformative initiatives spanning various sectors, advancing Ghana’s aspirations for development to unprecedented levels.
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.”