By: Mercy Darko
President Akufo-Addo has welcomed the decision by the Korean government to resume all Economic Development Cooperation Fund, EDCF projects in Ghana when the Debt Restructuring Programme ends.
Projects such as the establishment of the University of Environment and Sustainable Development were temporarily stalled due to Ghana’s Debt Restructuring programme.
Receiving a delegation led by the Chairman and President of the Export and Import Bank of Korea, Yoon Hee-Sung at the Jubilee House in Accra, President Akufo-Addo said Ghana and Korea go a long way and there is the need to deepen bilateral cooperation between the two countries for mutual benefits.
The Economic Development Cooperation Fund of Korea, administered by the Export-Import Bank of Korea and the Ministry of Strategy and Finance, provides concessional loans to Less Developed Countries to facilitate their industrial development and economic stability.
In Ghana, the EDCF has over the years provided funding for the implementation of the University of Environment and Sustainable Development, Bunso Campus Project, the Wa Water Supply Project, Prestea-Kumasi Power Enhancement Project, Buipe-Bolgatanga Petroleum Pipeline Project and Medical Equipment for Eight District Hospital Projects.
Chairman and President of the Korean Exim Bank, Yoon Hee-sung said all EDCF projects which were stalled due to Ghana’s Debt Restructuring will commence in earnest when the programme ends.
He added that the Korean government will supports its investors who do business in Ghana.
President Akufo-Addo expressed gratitude to the Korean government for the support over the years.
The delegation was led by the Korean Ambassador to Ghana, Kim Sung.