The Executive Chairman of the Jospong Group of Companies, Dr. Joseph Siaw Agyepong, has said Ghana and Africa have a lot to gain from their relationship with South Korea in terms of business and development.

“Opportunity is important in business,” he said, adding, “South Korea has advanced technology in renewable energies such as solar and wind power, which can benefit our continent.”

“South Korea has the capacity that can benefit African businesses, and they need to unleash that to benefit the continent and Ghana,” he said, adding, “The private sector is ready to partner with Korea, which must remove restrictions and bureaucracy as it seeks to support 48 African nations.”

Dr. Agyepong said this in a television interview after the Korean-African Summit in Kintex, Korea.

He commended South Korean President Yoon Suk-Yeol for his commitment to boosting support for Africa, including enhanced trade and investment pledges.

“The whole world is about climate change,” Dr. Agyepong said, adding, “In Ghana, the Jospong Group has tackled waste management as a serious issue, from collection, haulage, composting, recycling, and other forms of treatment.”

The Summit focused on key initiatives like Economic Partnership Agreements, Trade and Investment Promotion Frameworks, and support for the African Continental Free Trade Area.

During the Summit, South Korea announced plans to increase official development assistance to US$10 billion by 2030 and provide US$14 billion in export financing.

Dr. Agyepong further stressed the need for collaboration in critical areas like minerals, digital transformation, climate change, food security, and public health. The Korea-Africa Summit, held on June 4-5, 2024, in Ilsan and Seoul, aimed to boost cooperation, address global challenges, and promote collective strength for sustainable development.

The outcome is expected to lead to new agreements and investments in energy access, agricultural transformation, and capacity building across Africa.

It is the first of its kind since the founding of the Republic of Korea. However, there have been other summits and conferences between Korea and Africa, such as the 7th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference in September 2023. The Korea-Africa Energy Investment Framework (KAEIF) was also established in 2021.

Ghana and South Korea have had diplomatic relations since 1977. The two countries have cooperated on a wide range of issues, including political, economic, trade, investment, technology, security, and culture.

The Korean International Cooperation Agency (KOICA) has been undertaking many projects in Ghana, such as the Dawhenya Integrated Rural Development Project, a maternal and child healthcare project, a water and sanitation project, and a capacity-building project on power transmission systems.

Dr. Agyepong was optimistic about the future of Korea-Africa relations, stating, “The future looks bright, and I’m thrilled to be part of this transformative journey.”