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Korea halts $1Billion concessional loan meant to support 10 projects in Ghana
The Korean government has hold on to a 1 billion dollar concessional loan aid meant to support about 10 projects in the country, Korea Ambassador to Ghana, Mr Lim Jung-Taek has disclosed.
He said the projects which includes, the Volta River Improvement Transportation Project, Techiman Water Project, Expansion works on the University of Environment and Sustainable Development among others, will not receive funding for it’s commencement due to Ghana’s agreement with the IMF.
Mr Jung-Taek said this last week Friday at a seminar in Accra, organised by the Korean International Cooperation Agency in collaboration with the Embassy of the Republic of Korea in Ghana.
The programme themed, “leveraging Korea’s socio- economic growth for sustainable development in Ghana” brought together economic experts, policymakers, academics, and industry leaders from both Korea and Ghana to share valuable insights and best practices to improving Ghanaian economy.
Mr Jung-Taek said, although it’s unfortunate for Ghana to be under IMF programme, Ghana need to adopt Korea’s innovation ecosystem by building big data platforms, providing AI learning data, and enhancing education infrastructure.
He said despite Ghana’s economic challenges, the government of Korea had increased its grant aid to more than 60 per cent to address the economic challenges facing the Ghanaian economy.
Mr Jung-Taek added that the Korea government prioritize the economic friendship between the two countries, and had supported Ghana in areas of health, transport, agriculture to improving the socio economic of Ghana.
“Ghana, like Korea, has also embarked on its own transformative journey towards sustainable development.
Both nations share a deep understanding of the challenges faced by the global community and the importance of leveraging knowledge and expertise for the betterment of our societies.What I have personally witnessed during my service here in Ghana is that, like Koreans, Ghanaians don’t hesitate to learn new technology and are eager to accept high quality international standards” he said.
The Country Director of KOICA Ghana, Mr. Seugnmin Oh said, the cooperation between Korea and Ghana has a rich history, built on the foundations of friendship, understanding, and a mutual commitment to socio-economic development.
He said the two countries had built strong ties that had allowed them to learn from each other’s experiences, leveraging the lessons from Korea’s remarkable growth story and adapting them to the unique context of Ghana.
BY BERNARD BENGHAN
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GEXIM deepens relations with US EXIM Bank
A management team of the Ghana Export – Import Bank (GEXIM) led by the Acting Chief Executive, Sylvester Mensah met with the leadership of the Export–Import Bank of the United States (US EXIM) on Wednesday April 23, 2025 in Washington DC, United States of America.
The Acting President and Chairman of US EXIM, Mr. James C. Cruse and Vice President, International Relations, Ms. Isabel Galdiz received the GEXIM delegation, which included Deputy CEO for Banking, Mr. Moses Klu Mensah and Head of International Cooperation, Mr. Jonathan Christopher Koney at the headquarters of US EXIM.
The meeting offered the GEXIM team the opportunity to share the strategic direction of the Bank in line with the resetting agenda of the President of the Republic, His Excellency John Dramani Mahama for the repositioning of the Ghanaian economy into an export-led one by providing the requisite investment to Ghanaian businesses.
Mr. James C. Cruse expressed US EXIM’s eagerness to deepen its existing relations with GEXIM and proposed the signing of a new Cooperative Framework Agreement following the expiration of a Memorandum of Understanding signed in 2019 to utilize US EXIM’s medium term loan guarantees to procure machinery by GEXIM for qualified Ghanaian Small and Medium-sized Enterprises (SMEs).
Mr.Sylvester Mensah thanked the Acting President and Chairman of US EXIM for hosting the GEXIM delegation and reaffirmed the Ghanaian government’s commitment to strengthening trade and investment between Ghana and its global partners for economic transformation of Ghana with GEXIM playing a pivotal role.
The two teams will be meeting on the sidelines of the 2025 US EXIM Annual Conference on 29th and April 30, 2025 to explore possible areas of collaboration and matching Ghanaian businesses to American companies. The meeting ended with an exchange of gifts.
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
