Ghana to strengthen economic collaboration at Korea-Africa Summit

Ghana seeks mutually beneficial talks with South Korea at the inaugural Korea-Africa Summit on June 4-5, aiming to strengthen economic ties.

Ghana wants to use the upcoming Korea-Africa Summit to have mutually beneficial talks with South Korea. The goal is to set up processes for cooperation that benefit both sides, according to Ghana’s ambassador in Seoul.

This is the first summit of its kind that will take place on June 4-5. African countries like Ghana see this as an important chance to strengthen ties with South Korea. Discussions at the summit are expected to cover economic cooperation and cultural exchange between the two regions, among other areas. Ghana hopes the summit will allow them to create frameworks for beneficial partnerships with South Korea.

The upcoming summit will strongly emphasise economic cooperation, highlighting the shared interest of both nations in forging deeper cross-sector partnerships. Key sectors like infrastructure, manufacturing, oil and gas, mining, energy, innovation, ICT, and technology are expected to feature prominently in discussions.

The ambassador underscored the immense potential for increased investments and collaborations between Korean and Ghanaian companies. Ghana’s favourable business climate, skilled workforce, abundant natural resources, fertile lands, and strategic geographic location for trade and transportation offer strategic advantages for such partnerships.

This summit provides a valuable opportunity for Ghana and Korea to explore new avenues of collaboration and address common challenges for mutual gain. Despite Africa’s vast market potential, economic ties with Korea remain limited, presenting avenues for growth and expansion in bilateral relations.

Since establishing diplomatic relations in 1977, Korea and Ghana have continuously strengthened their bilateral ties.

The Ghanaian Ambassador highlighted the cooperation agreements across various sectors that have been signed or are currently underway. Notably, Ghana is one of the eight African countries involved in projects like the K-Ricebelt initiative.

In July of the previous year, Korea’s agriculture ministry initiated the “K-Ricebelt” program. This program aims to enhance sustainable food security efforts by offering superior rice varieties and sharing agricultural expertise with partner nations, including Ghana.

The Ghanaian Ambassador further stressed the imperative of attracting increased Korean investments across diverse sectors, citing Ghana’s advantageous location, conducive business environment, and membership in the Africa Continental Free Trade Area as key factors for investment viability. She particularly emphasized the need for enhanced private sector engagement, recognizing that thus far, interactions have predominantly occurred at the government level.

She highlighted the forthcoming business summit as an opportunity to bridge this gap, expressing optimism that more Korean companies would recognize the economic prospects in Ghana. Noting existing Korean presence, notably in the fishing industry, she advocated for expanded investments across various sectors such as manufacturing, infrastructure, mining, energy, agriculture, technology, and innovation, leveraging Ghana’s abundant natural resources and youthful population.

Moreover, the ambassador applauded the educational exchange initiatives between Korea and Ghana, especially scholarships enabling Ghanaian students to pursue advanced degrees in Korean universities, fostering bilateral knowledge exchange.

Regarding tourism, she highlighted Ghana’s rich cultural heritage and diverse attractions, including national parks, historical sites, and vibrant festivals, as compelling draws for Korean visitors. She envisioned increased Korean tourist traffic to Ghana, highlighting the unique experiences awaiting exploration.