H.E. Mr. John Dramani Mahama, Vice President of the Republic of Ghana paid an official visit to the Republic of Korea at the invitation of the Korean Government from March 1—4, 2010.
The Vice President was accompanied by a high-level delegation that included the Ministers of Food and Agriculture (Hon. Kwesi Ahwoi) and of Water Resources, Works and Housing (Hon. Alban Bagbin); the Deputy Ministers of Foreign Affairs and Regional \Integration (Hon. Chris Kpodo), Finance and Economic Planning (Hon. Seth Terkper), and of Energy (Hon. Emmanuel Buah).
The delegation also included the Minority Leader (Hon. Osei-Kyei Mensah-Bonsu) as well as Chairman (Hon. James Klutse Avedzi) and Ranking Member (Hon. Anthony Akoto Osei) of the Finance Committee of the Parliament. The inclusion of the Minority is particularly significant because it underscores Government’s commitment to an all-inclusive approach to prosecuting the Better Ghana Agenda. A number of Ghanaian businessmen went with the delegation.
Vice President Mahama and his delegation were warmly received by and also held very fruitful discussions with, the President and the Prime Minister of the Republic of Korea as well as leaders of the business community, from the private and public sectors in Korea, who were interested in doing business in Ghana.
During the meetings, both the Vice President and his hosts heartily indulged in courtesies that commended Ghana’s advancement in democratic governance and people-centered development efforts. They also applauded Korea’s accession to membership of the OECD, its assumption of leadership of the organization this year and the focus on cooperation with Africa that will define that leadership role. In particular, the two countries reaffirmed South Korea’s decision to play an active role in Ghana’s socio-economic development through the strengthening of mutual-beneficial cooperation.
The Vice President showed appreciation for the wealth of goodwill and support expressed by the Korean Government and reassured both the Government and the private sector of the prevailing peace and stability that ensured guaranteed foreign direct investment and joint venture partnerships in the country. He drew attention to several Korean activities that existed in Ghana already.
At the end of the visit, the Vice President and his delegation were assured of collaboration by the leading Korean Group of Companies, STX Corporation, through its subsidiaries and affiliates in undertaking a “Ghana Investment Plan” for which a Memorandum of Understanding was signed between the STX Corporation and the Government of Ghana.
Under the Ghana Investment Plan, STX Corporation will make investment for, and execute agreed and commercially viable sub-projects with the Government of Ghana providing the necessary support and cooperation.
The projects included:
1. The National Housing Project (GNHP) under which STX is to build 200,000 units of housing in all the ten regions of Ghana, and for which basic data collection and housing design have been completed since the conclusion of a bilateral agreement in December 2009. Total investment amounting to US$10 billion is estimated for the project.
2. Construction and operation of industrial plants; STX intends to invest for, and build various industrial plants in Ghana including, but not limited to, a cement plant, a rolling mill, and autoclaved lightweight concrete (ALC) plant.
3. Stabilization and improvement of operations of the Tema Oil Refinery (TOR), under which the Government of Ghana confirms its intension to work with STX to secure stable crude oil supply. STX also confirmed its intention to conduct preliminary feasibility study in the construction and operation of oil tank terminals while the Korea National Petroleum Company (KNOC) also expressed interest in collaborating with GNPC on various petroleum projects.
4. Vocational Training of Ghanaian Human Resources: STX and other organizations have agreed to join Government of Ghana’s efforts to improve work skills of Ghanaian human resources. STX will make its best efforts to secure and arrange Korean Government’s cooperation for GOG to set up a training programme with the assistance of Korea’s Knowledge Sharing Project (KSP) and official Development Assistance (ODA) programme. The KSP and investment programs would also benefit Ghana’s ICT and Public Financial Management (PFM) efforts aimed at improving the economy.
5. Other Potential Cooperation Opportunities; As a world leading shipping and shipbuilding company, STX has expressed firm intent to expand the scope of cooperation with Ghana into the fields of shipping and logistics transport business and construction of commercial and specialized vessels.
In the field of food security, Ghana and Korea agree to share technology and know-how in the agricultural sector. In that connection, Ghana’s Minister for Good and Agriculture has extended his visit to Korea by two days to hold further discussions, initiated during the Vice President’s visit, on mutually-beneficial collaboration with the Korean Rural Development Administration (KRDA) which has tremendous expertise and experience in seed, plants, modernized and mechanized farming.
On bilateral financial relations, the Ghana delegation discussed the EXIM facility with the Korean government and EXIM Bank officials and agreed to take the necessary steps to remove all obstacles that have affected the administration of the facility in recent years. Technically, Ghana is deemed to have defaulted in honoring its full loan obligations as a result of the inability of the two countries to complete the debt-relief process under the HIPC programme. The Korean legislature was required to provide the necessary relief granted by OECD and some non-OECD states to Ghana in accordance with the agreed terms under the HIPC arrangement. This action has now been completed and the two countries have agreed to complete the process expeditiously to allow a new EXIM Bank programme to start this year and fund several of the projects envisaged above.
In cooperation within the wider international community, the Ghana delegation appreciated and commended Korea’s policy towards developing closer collaboration and partnership with Africa within the framework of the Korea-Africa Forum and reassured the Government of Korea of Ghana’s sustained key role in advancing the cause of African development.
The Ghana delegation also reassured the Korean Government of Ghana’s ready disposition to continue to share experiences and concerted efforts in addressing global issues of common interest.
The delegation welcome the prospect of the visit to Africa, including Ghana, by the President of the Republic of Korea in the summer of this year 2010 and considered the visit as an eloquent testimony for renewing shared commitment to further deepen relations to the mutual benefit of the peoples of the two countries.
Story by: Wisdom Awuku (Office Of The Vice President)
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