Ghana has signed a $2 billion framework arrangement with South Korea’s Economic Development Cooperation Fund (EDCF) to boost development.
Expected to boost various sectors including agriculture, health, education, energy, roads and transport as well as ICT over the next five years, the deal was signed on the sidelines of the 2024 Korea-Africa Summit in Seoul under the theme “The Future We Make Together.”
The signing ceremony marks a significant milestone in the two nations’ long-standing bilateral economic development partnership.
Signing the deal on behalf of the Ghanaian government, Minister for Finance, Dr. Mohammed Amin Adam noted that the signing of the 2024-2028 framework arrangement represents a renewed commitment to the shared vision of sustainable development and prosperity.
The Minister also highlighted that the $2 billion financing facility is poised to catalyze transformative projects across multiple sectors, propelling Ghana’s development ambitions to new heights.
“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”, he added.
He emphasized that the framework arrangement will go a long way to bolster Ghana’s efforts to enhance healthcare facilities, disease prevention, and health and education initiatives adding that “A healthy population is the bedrock of progress”.
Touching on some sectors which will benefit from the deal, Dr. Amin Adam said “Education remains a top priority, with plans to expand access to quality learning opportunities, vocational training, and digital literacy programs stressing that government’s commitment to quality education remains unwavering”.
The deal was signed in the presence of South Korea’s Foreign Minister, Mr. Cho Tae-yeol together with Ghana’s Foreign Minister, Shirley Ayorkor Botchwey and other dignitaries from both countries.
