Ghana is positioning to accelerate the implementation of infrastructure and development projects financed under South Korea’s Economic Development Cooperation Fund (EDCF), as the country advances its post-IMF recovery agenda and seeks to leverage up to US$2 billion in concessional financing agreed between the two countries.
The financing framework is expected to support priority investments across infrastructure, agriculture, health, education, energy, transport and information and communications technology (ICT).
Ghana’s Ambassador to the Republic of Korea, Kojo Choi, said the bilateral partnership is entering a new phase that could create additional opportunities for EDCF-supported investments as the country’s macroeconomic conditions continue to improve.
The ambassador made the remarks after joining fellow African ambassadors from EDCF priority partner countries at a luncheon hosted by the Economic Development Cooperation Fund.
He described the EDCF as Korea’s concessional lending programme for supporting sustainable infrastructure and economic development in partner countries, noting that it has become one of the country’s principal development cooperation instruments.
According to Ambassador Choi, discussions during the engagement provided insights into the fund’s “current priorities and future direction,” while reaffirming Korea’s commitment to Ghana through the “up to US$2 billion” financing framework announced by the two governments.
The US$2 billion framework arrangement, signed during the 2024 Korea-Africa Summit, is intended to finance development projects over a five-year period in sectors including roads and transport, energy, agriculture, healthcare, education and digital infrastructure.
Ambassador Choi said Ghana’s transition beyond its IMF-supported programme and its ongoing economic recovery would provide a stronger foundation for expanding EDCF-financed projects and strengthening bilateral development cooperation.
He expressed confidence that the country’s “path toward economic recovery and sustainable growth” would open opportunities for deeper collaboration between Ghana and Korea, with investments that deliver long-term economic and social benefits.
The ambassador added that the future of the Ghana-Korea partnership remains promising, expressing optimism that more transformative development projects would emerge to support growth and improve livelihoods in both countries.
