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President Akufo-Addo Advocates for Stronger Africa-Korea Partnership at 2024 Summit
The 2024 Korea-Africa Summit, held in Seoul, Korea, began today with a powerful call for deeper collaboration and mutual growth from President Nana Addo Dankwa Akufo-Addo of Ghana.
Addressing a distinguished audience, including Korean President Yoon Suk-yeol and other Heads of State and Government, President Akufo-Addo outlined a vision of shared growth, sustainability, and solidarity under the summit’s theme, “The Future We Make Together.”
In his remarks, President Akufo-Addo emphasised the longstanding relationship between Ghana and Korea, established nearly fifty years ago in 1977.
“Korea has proven to be a reliable partner and dependable friend of Ghana,” he stated, highlighting the economic, cultural, and political exchanges that have benefited both nations.
The Ghanaian leader praised the collaborative spirit that has characterised this partnership and expressed hope for its continued strength. President Akufo-Addo identified three critical pillars for the future of Africa-Korea relations: shared growth, sustainability, and solidarity.
He underscored the importance of economic collaboration, noting Africa’s abundant natural resources and youthful population as key assets.
“By fostering trade, investment, and innovation, we can create a relationship of synergy that benefits both regions,” he said.
He pointed to significant progress in economic cooperation, with increased trade volumes and successful joint ventures in manufacturing, agriculture, and information technology.
However, President Akufo-Addo acknowledged that more work is needed to remove barriers to trade, enhance infrastructure, and promote knowledge exchange to unlock the full potential of this partnership.
Addressing the global climate crisis, President Akufo-Addo called for sustainable practices to protect the environment and promote renewable energy. He praised Korea’s leadership in green technology and sustainable development, urging Africa to leverage these innovations.
“This is not merely an environmental imperative; it is an economic opportunity that can drive long-term growth and stability,” he asserted.
The President emphasised the need for global solidarity, particularly in light of the COVID-19 pandemic and other global challenges. He highlighted the importance of supporting one another to ensure collective resilience.
President Akufo-Addo referenced Korea’s recent trilateral meeting with Japan and China, noting its significance for Africa. Strengthened relations among these economic powerhouses, he said, should lead to increased investment, new markets for African products, and technology transfer.
President Akufo-Addo also focused on the potential of innovation and technology to drive sustainable development. He called for collaboration in research and development, advancing digital literacy, and promoting entrepreneurship to harness the benefits of the fourth industrial revolution.
Concluding his speech, President Akufo-Addo expressed confidence in the future of Africa-Korea relations.
“The future we make together should be one of shared growth, sustainability, and solidarity,” he declared.
He urged both regions to seize the moment to deepen their collaboration and build a brighter, more prosperous future.
The 2024 Korea-Africa Summit continues over the coming days, with various sessions aimed at strengthening ties and exploring new avenues for cooperation. Leaders and delegates from both regions are expected to engage in meaningful dialogues to advance their shared goals.
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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
