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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
Ghana Tourism Authority is leading Ghana’s participation at ITB Berlin, which opened in Berlin with a vibrant national pavilion highlighting Ghana’s rich cultural heritage, tourism destinations and investment opportunities.
March 5 has been designated as Ghana Day, a special platform to promote Ghana’s languages, cuisine, Kente, festivals and business prospects to the global tourism community. The stand has already drawn strong interest with traditional arts and crafts displays, immersive multimedia presentations and popular Ghanaian snacks.
Seven private-sector players are exhibiting alongside government officials as part of efforts to deepen trade partnerships, expand market access, and attract investment across the hospitality, heritage tourism, ecotourism, and creative arts sectors.
Ahead of the official opening, the Ghana delegation also engaged young Ghanaian investors in Germany in collaboration with V Afrika-Verein and the Ghana Embassy, strengthening diaspora investment linkages and highlighting opportunities within the tourism value chain.
Ghana’s coordinated presence at ITB Berlin 2026 reinforces its strategy to position the country as the Gateway to Africa and a competitive destination for leisure travel and global investment.
The Member of Parliament for Nsawam Adoagyiri, Frank Annoh Dompreh, has expressed concern over delays in the release of the District Assemblies Common Fund, warning that the situation is stalling development across the country.
On his facebook page, he described as a matter of urgent national importance, the Minority Chief Whip pointed to what he sees as a growing crisis of unpaid contractors, abandoned projects, and halted infrastructure works in many districts.
He noted that several communities are grappling with half completed schools, unfinished health facilities, abandoned markets, deteriorating roads, and stalled sanitation projects.
According to him, many contractors who have executed projects for district assemblies have not been paid, forcing some construction firms to demobilise from sites while workers lose their jobs.
He stressed that the District Assemblies Common Fund is not a discretionary allocation but a constitutional requirement under Article 252 of the 1992 Constitution, intended to support development at the local level.
In his view, years of delayed releases and accumulated arrears have weakened district development financing and disrupted projects meant to improve living conditions in communities.
He further argued that some payments made in recent years were largely the settlement of old debts rather than funding for new or ongoing projects, a situation he believes has affected contractor confidence and local economic activity.
He described the issue as more than a budgetary challenge, characterising it as a development emergency and a governance concern.
He therefore urged the appropriate authorities to pay outstanding DACF arrears, settle contractors who have completed their work, and ensure that transfers to districts are automatic and predictable.
He maintained that decentralisation can only succeed when district assemblies receive adequate and timely funding to carry out development projects.
He emphasised that stalled projects directly affect ordinary citizens, since they rely on such infrastructure for education, healthcare, transportation, sanitation, and economic activities.
He called for renewed attention to grassroots development, insisting that national progress should not be concentrated only in major cities but extended to all communities.
By: Jacob Aggrey
