Korea’s development assistance to Ghana exceeds $400m
The Republic of Korea has reaffirmed its unwavering commitment to supporting Ghana’s development agenda, with its financial assistance to the West African nation now exceeding $400 million.
The significant investment, spanning multiple sectors, underscores Korea’s dedication to deepening its cooperation with Ghana, fostering economic growth, and enhancing bilateral ties between the two countries.
Relations between Ghana and Korea date back over four decades with fruitful cooperation in various
fields, including political, economic, and cultural since the establishment of diplomatic relations in November 1977.
Korea remains one of Ghana’s most important partners in trade and investment cooperation with long-standing friendship.
Mr Park Kyongsig, Ambassador of the Republic of Korea to Ghana, said with the many development agencies in Ghana, including Korean International Cooperation Agency (KOICA), Korean Foundation for International Healthcare (KOFIH), Korea Programme for International Cooperation in Agricultural Technology (KOPIA) and Korea EXIM Bank, it was proof of Korea’s willingness to work with Ghana to achieve its prosperity.
The Ambassador, speaking at the 4,356th Korean National Foundation Day in Accra, said, the future relationship between Korea and Africa, including Ghana, was based on “3S – Shared Growth, Sustainability and Solidarity.”
The 4,356th Foundation Day celebration, characterized by traditional Korean performances, was attended by the Deputy Minister of Finance, Dr Stephen Amoah, the Diplomatic Corps, Korean community and businesses in Ghana.
The night of celebration unfolded with soothing display by Kim Hee Young, who played the “Daegum” (Korean musical instrument) and delivering a spellbinding and electrifying performance to the applause of patrons.
Celebrated each year on October 3, the Korea National Foundation Day commemorates the historic founding of the first Korean Kingdom.
Among others, the Korean Ambassador said, the Korean Government had made commitments to expand its Official Development Assistance (ODA) and its export financing to 10 billion dollars and 14 billion dollars respectively by 2030.
Amb. Kyongsig assured that Korea would assist the full implementation of the African Continental Free Trade Agreement (AfCFTA).
As part of its development cooperation, he said the Accra office of the Korea EXIM Bank had been at the core of the signing of two billion dollars Framework Arrangement between Korea and Ghana during the Korea-Africa Summit, and that the office was ready to engage more in Ghana’s infrastructure development.
The Ambassador said KOIKA had worked in Ghana from 2010 and spearheaded several development projects in various sectors like education, agriculture, healthcare, and the major projects to contribute to Ghana’s Community-based Health Planning and Services (CHPS) policy.
For instance, the KOPIA Ghana Centre, has created premium rice seeds, including “KoreaMo” and “Agyapa”, the combination of Korean and Ghanaian seeds, and provided 300 tons of the rice seeds to Ghanaian farmers through the Ministry of Agriculture, Amb. Kyongsig stated.
In Education, he observed that the Korea’s scholarship programmes, including the Korean Government Scholarship Programme (GKS) and the KOIKA Fellowship Programme, had assisted more than 1,700 Ghanaians.
He noted that the Korea-Ghana relations was well characterized in terms of the economic cooperation as many Korean companies, such as Samsung and LG Electronics, had engaged the Ghanaian market and expanded their business to West Africa with business hubs in Ghana.
“Hyundai and KIA vehicles from Hyundai Motors and Rana Motors, are proudly made in their assembly plants in Ghana,” he said.
Dr Stephen Amoah, Deputy Finance Minister, who represented the Government commended Korea for its steadfast reliability as a partner to Ghana and its commitment to strengthening its ties with Africa.
He said the vision of “Shared Growth, Sustainability, and Solidarity” outlined at the Korea-Africa Summit provided a solid foundation for future cooperation and exemplified the collective commitment to mutual growth, innovation, and cooperation.
The Deputy Finance Minister was hopeful that the commitments made at the Korea-Africa Summit, and the call for Korean businesses to explore the abundant opportunities that existed in Africa, would be realized to ensure the full potential of our partnership.
Recounting Presidents Akufo-Addo’s remarks at the summit, he emphasized Ghana’s potential as an attractive investment destination and the need to strengthen bilateral cooperation, in the areas of trade, investment, and infrastructure.
“In this vein, I wish to stress that Ghana is committed to further creating a favourable business environment for investment to maximize the benefits of Ghana-Korea cooperation,” he assured.
Dr Amoah further expressed optimism of a “fruitful relationship, building on our successes, and exploring new avenues for cooperation that will benefit both Ghana and Korea.”
Source: GNA