Akufo-Addo has done it again; passing around Ghana’s ‘begging bowl’ — US economist reacts to $2bn agreement with South Korea

Renowned US economist, Professor Steve Hanke, has criticized President Nana Addo Dankwa Akufo-Addo's ongoing dependence on international borrowings, arguing that it worsens Ghana's debt crisis and cripples Ghana's sovereignty.

Taking to X, Professor Hanke expressed his disapproval of Ghana's recent financial agreement with South Korea, stating that it represents another instance of the country's reliance on foreign aid instead of pursuing sustainable economic reforms.

“#SaveGhanaNow: Ghana recently secured a $2bn framework agreement with South Korea. Pres. Akufo-Addo passes Ghana’s BEGGING BOWL – ONCE AGAIN,” Hanke wrote.

His comments come in the wake of Ghana securing a $2 billion framework arrangement with South Korea’s Economic Development Cooperation Fund (EDCF).

The agreement, formalized on the sidelines of the 2024 Korea-Africa Summit, aims to support the implementation of Ghana’s key priority programs across various sectors such as infrastructure, agriculture, health, education, energy, roads and transport, and ICT over the next five years.

This milestone signing ceremony shows a continued commitment to the bilateral economic development partnership between Ghana and South Korea.

The Minister for Finance, Dr. Mohammed Amin Adam, represented the Ghana government, while Mr. Cho Tae-yeol, the Foreign Minister for Korea, signed on behalf of the Government of the Republic of Korea.