Ghana and Japan have formalized a scholarship grant agreement worth US$2.12 million aimed at enhancing Ghana's human resource capacity within the public sector. Abena Osei-Asare, representing the Ghanaian government, and Naoki Ando, on behalf of the Japan International Cooperation Agency (JICA), signed the agreement. Additionally, Ghana has solidified its development endeavors by securing significant financial support of $2 billion through a framework arrangement with South Korea's Economic Development Cooperation Fund (EDCF).
The signing ceremony represents a noteworthy achievement in the enduring bilateral economic development cooperation between the two nations. Dr. Mohammed Amin Adam, the Minister for Finance, signed on behalf of the Government of the Republic of Ghana, while Mr. Cho Tae-yeol, the Foreign Minister for Korea, signed for the Government of the Republic of Korea. Among the attendees were Ghana’s Foreign Minister, Hon Shirley Ayorkor Botchwey, and other distinguished guests from both countries.
The $2 billion financing facility is poised to catalyze 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, and plans are underway to expand access to quality learning opportunities, vocational training, and digital literacy programs. “Our commitment to quality education remains unwavering,” Dr. Amin Adam affirmed, recognizing the pivotal role of an educated workforce in driving societal advancement.
Dr. Amin Adam also seized the opportunity to highlight Ghana’s recent economic rebound, driven by prudent policies and robust growth. “Ghana has made notable strides in its macroeconomic landscape, underpinned by resilient and robust growth and substantial progress in key performance indicators”. The strong relations between the two countries have been underpinned by high-level engagements and effective communication between the leadership of the two countries.
The successful execution of Ghana’s IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG) has been pivotal in these accomplishments. Following the second review in April 2024, a staff-level agreement was reached, anticipated to prompt an additional $360 million disbursement pending IMF Board approval shortly, bringing total disbursements to $1.56 billion. President Nana Addo Danquah Akufo-Addo led Ghana’s delegation to Korea for the Africa-Korea Summit, accompanied by Minister for Finance, Dr. Mohammed Amin Adam, Minister for Trade and Industry, Hon. K. T. Hammond, Minister for Foreign Affairs, Hon. Shirley Ayokor Botchwey, Minister for Health, Hon. Bernard Oko Boye, and Minister for Communication and Digitalisation, Hon. Ursula Owusu-Ekuful.
