The governments of Ghana and the Republic of Korea have signed a 2020-2022 Framework Arrangement in which the Korean Government has committed U$400 million in concessional loans for the implementation of some priority programmes and projects in the education, health, transport and water sectors across the country.
The 2020-2022 Framework Arrangement, which is a-three-year funding cycle agreement, was signed on behalf of the Government of Ghana by the Hon Minister for Finance, Mr. Ken Ofori-Atta while the Korean Ambassador to Ghana, H.E. Kim Sungsoo signed on behalf of the Government of the Republic of Korea.
The 2020-2022 Framework Arrangement is a sequel to the 2017-2019 in which the Korea Government provided US$200 million for the implementation of the University of Environment and Sustainable Development Bunso Campus Project, Medical Equipment for Eight District Hospitals Projects, the Ghana Integrated Financial Management System ICT Project, and the Northern Ghana Rural Electrification and Access Project.
Subsequent to the signing of the 2020-2022 Framework Arrangement, Government of Ghana and the Export-Import Bank of Korea will conclude a number of programme and project loan agreements in order to utilize the US$400 million resource envelope for the implementation of the identified priority projects.
It is worth mentioning that the Korean Government is providing this assistance to Ghana under its Economic Development Cooperation Fund (EDCF) which is administered by the Export-Import Bank of Korea Regional Office in Ghana, headed by the Mr. Sang-Yun Lee.
Korea Eximbank has previously provided U$354million to finance, notably, the Wa Water Supply Project (U$55.5m), Prestea-Kumasi Power Enhancement Project (U$67.2m), Buipe-Bolgatanga Petroleum Pipeline Project (US$38.2m) and the ongoing University of Environment and Sustainable Development (UESD), Bunso Campus Project (U$90.0) among others
On behalf of the Government and People of Ghana, the Hon Minister for Finance, Mr. Ken Ofori-Atta, expressed his gratitude to the Government and People of the Republic of Korea and assured them that the Government of Ghana will ensure that the funds are judiciously utilized for the purpose for which it is being provided to spur the development of Ghana.
The Minister spoke about GOGs’ medium term outlook and the impact of the Covid-19 on the economy and mentioned the ambitious 100 million cedis Ghana Covid-19 Alleviation and Revitalisation of Enterprises Support (Ghana CARES) programme.
Ken Ofori-Atta also mentioned governments’ plans for the transport and the ICT sectors, and asked the Korean government to consider investing in these sectors to make a lasting impact in the development of Ghana’s transport and ICT sectors.
On his part, the Korean Ambassador to Ghana, Mr. Kim Sungsoo expressed the hope that the support his Government is providing Ghana today will help impact the living standards of Ghanaians and go a long way to deepen and broaden the bilateral relations between the two countries for our mutual benefit.
Present were officials from the Ministry of Finance and a delegation from the Embassy of the Republic of Korea.