KOICA, partners sign $9.5 million grant agreement
The Korea International Cooperation Agency (KOICA) Official Development Assistance, the National Development Planning Commission (NDPC) and the Ministry of Finance (MoF) have signed a $9.5million grant agreement to support agriculture and trade in the country.
Dubbed “Strengthening of agribusiness value chain for local economic development in Ghana,”the project aims to provide improved processing, market systems and linkages between farmers and enterprises, while unlocking the potential of agriculture as a catalyst for innovation, job creation and sustainable rural development.
The five-year project would be implemented in the Central and Volta regions, where $5 million would be expended on physical infrastructure, while the remainder would support capacity building, institutional strengthening and other non-physical interventions.
The agreement was jointly signed by the Minister of Finance, Dr Cassiel Ato Forson; the Korean Ambassador to Ghana, Park Kyonsig; the acting Director-General of the National Development Planning Commission (NDPC), Dr Audrey Smock Amoah, and the Country Director of KOICA Ghana, Donghyun Lee, in Accra yesterday.
Commitment
The Korean Ambassador, Park Kyonsig, reaffirmed Korea’s commitment to Ghana’s economic transformation through technical cooperation and partnership, emphasising that the new project was a milestone in deepening development collaboration between the two nations.
“This project represents more than an agreement on paper; it reflects our shared vision of transforming agriculture into a driver of modern economic growth. By enhancing agribusiness value chains, we are empowering communities, creating opportunities for the youth and women, and fostering resilient local economies,” he added.
Mr Park expressed confidence that by combining Ghana’s agricultural potential with Korea’s expertise, the partnership would yield tangible, long-term benefits for communities across the country.
“KOICA is honoured to collaborate with Ghana in realising this important initiative. As we sign this Record of Discussion, we reaffirm our collective commitment to ensuring that Ghana’s agricultural wealth translates into sustainable livelihoods, thriving enterprises and strong local economies,” he said.
Mr Park commended MoF, NDPC and KOICA Ghana Office for their close collaboration and hard work in developing the project, describing their efforts as “a true embodiment of partnership and shared purpose”.
Significance
The Minister of Finance, Dr Forson, said the project would help “significantly reduce post-harvest losses, enhance agricultural productivity, create jobs in rural communities, improve farmers’ incomes and strengthen the institutional and policy capacity of our agribusiness ecosystem.”
He added that the project aligned perfectly with the government’s agenda for local economic development, food security and rural transformation.
Dr Forson further said that the MoF was committed to “facilitating all tax exemptions in line with the Exemptions Act, 2022; provide the required budgetary support to NDPC; ensure effective oversight of the project, while working closely with KOICA and NDPC to ensure smooth implementation”.
Oversight
Dr Amoah of the NDPC also said that the project was not only timely, but also in sync with the government transformative programmes.
She said the project demonstrated a shared commitment to driving sustainable development through local economic empowerment.
Dr Amoah said the implementation would be done under the auspices of key institutional actors such as the Ministry of Food and Agriculture (MoFA) and the Ministry of Trade, Agribusiness and Industry (MoTAI), under the coordination of the NDPC plus oversight responsibilities with KOICA.
