Ghana's administration has secured substantial financial assistance to bolster its developmental goals. The nation has inked a $2 billion framework pact with South Korea’s Economic Development Cooperation Fund (EDCF).

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The accord, finalized at the 2024 Korea-Africa Summit, will facilitate the execution of the government’s flagship policies across all sectors of the economy.

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Key sectors poised to benefit encompass infrastructure, agriculture, healthcare, education, energy, roads, and transportation over the next five years.

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Dr. Mohammed Amin, the finance minister, represented Ghana during the signing ceremony. This agreement signifies a notable achievement in strengthening the bilateral ties between the two nations.

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“The signing of the 2024-2028 Framework Arrangement represents a renewed commitment to our shared vision of sustainable development and prosperity,” Dr. Amin Adam stated, underscoring the strategic importance of the deal.

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This agreement is unprecedented, representing the inaugural instance of a nation pledging such a substantial sum on concessional terms. Dr. Amin Adam extended gratitude to the South Korean government on behalf of the state.

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“On behalf of His Excellency President Nana Addo Dankwa Akufo-Addo and the good people of Ghana, I want to express our sincere gratitude to the Korean government and the EDCF for their continued partnership and commitment to our development journey,” the minister said.

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The $2 billion funding mechanism is positioned to ignite transformative initiatives spanning various sectors, advancing Ghana’s aspirations for development to unprecedented levels.

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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.”

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