Ghana has secured a major financial boost for its development aspirations, sealing a deal of $2 billion framework arrangement with South Korea’s Economic Development Cooperation Fund (EDCF).
The deal, signed at the 2024 South Korea-Africa Summit, will bolster the implementation of Ghana’s key priority programmes spanning infrastructure, agriculture, health, education, energy, roads and transport as well as ICT over the next five years.
The signing ceremony was witnessed by Finance Minister, Dr Mohammed Amin Adam, representing Ghana and marking a significant milestone in the two nations’ long-standing economic development partnership.
“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.
Expressing profound gratitude to the Korean government, the minister said, “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 $2 billion financing facility is poised to catalyse 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.”
Furthermore, the framework arrangement will bolster Ghana’s efforts to enhance healthcare facilities, disease prevention, and health and education initiatives. “A healthy population is the bedrock of progress,” the minister emphasized, underscoring the government’s commitment to improving the well-being of its citizens.
Education remains a top priority, with plans to expand access to quality learning opportunities, vocational training, and digital literacy programmes. “Our commitment to quality education remains unwavering,” Dr Amin Adam affirmed, recognising the pivotal role of an educated workforce in driving societal advancement.
Transparency and accountability are at the forefront of the government’s approach, with the minister assuring efficient project management and effective monitoring to maximise the investment’s impact.
“We remain committed to ensuring efficient utilisation of the EDCF resources through effective project management to maximise the impact of this investment,” he stated.
Dr Amin Adam also seized the opportunity to highlight Ghana’s recent economic rebound, driven by prudent policies and robust growth saying “Ghana has made notable strides in its macroeconomic landscape, underpinned by resilient and robust growth and substantial progress in key performance indicators,” and cited GDP growth exceeding expectations, declining inflation, and improvements in gross international reserves.
The successful implementation of Ghana’s IMF-supported Post COVID-19 Programme for Economic Growth (PC-PEG) has been central to these achievements, with the second review in April 2024 leading to a staff-level agreement that is shortly expected to trigger an additional $360 million disbursement, bringing total disbursements to $1.56 billion.
Ghana’s delegation to Korea for the Africa-Korea Summit was led by President Nana Addo Dankwa Akufo-Addo and included Minister of Finance, Dr Mohammed Amin Adam, Minister of Trade and Industry, Mr K. T. Hammond, Minister of Foreign Affairs and Regional Integration , Shirley Ayokor Botchwey, and Minister of Health, Dr Bernard Oko Boye.
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