Korea to assist Ghana develop energy sector

South Korea has indicated it is interested in assisting Ghana to develop the country’s energy sector. Ghana is due to start commercial production of oil later in the year, after oil was discovered in the country in commercial quantities in June 2007.

The Korean President, Lee Myung-bak , according to the Korean media made his country’s intention known when he met with Ghana’s Vice President, John Dramani Mahama who is in the country for a four-day visit.

Lee was quoted as saying that he was deeply impressed by Ghana’s democracy and economic growth, which has made the country a development model for the continent.

“Korea will enhance cooperation with African countries including Ghana this year. The cooperation between Ghana and Korea, each of which is the gateway to West Africa and East Asia, will have a great synergetic effect,” Lee was quoted as saying.

Korea is stepping up cooperation with Africa as part of its efforts to diversify the diplomatic horizon and secure stable energy supply, the reports said.

Last November, Korea and the African Union issued a declaration in Seoul promising to strengthen cooperation in trade, investment, energy, agriculture, security, climate change, education and other various issues. In the statement, Seoul also pledged to nearly double its official development assistance to the continent to over $340 million by 2012.

Ghana has become a destination of choice for most global economic power brokers, including the US and China all scampering to have deeper and stronger grip on the country’s nascent oil industry.

Ghana apart from finding oil has also carved a niche for itself as a good example of democratic governance and stability on the continent, and all these are adding to the country’s attractiveness.

By Emmanuel K. Dogbevi