Minister of Finance, Ken Ofori-Atta and the Korean Ambassador to Ghana Mr. Woon-Ki Lyeo signed the agreement on behalf of their respective countries.
The framework agreement is to be implemented from 201 to 2019.
This move would grant Ghana access to about $200 million dollars to finance EDF loan projects.
The Minister of Finance, Ken Ofori-Atta and the Korean Ambassador to Ghana Mr. Woon-Ki Lyeo signed the agreement on behalf of their respective countries.
Ofori-Atta says the agreement is significant for the country to continue to access funds to undertake developmental projects.
He said the loan conditions, including a 10-year grace period and 25 years repayment period with 0.5 percent interest rate would support the gradual growth plan of the country.
The agreement is part of government’s strategy to reduce the high-interest payments facing the country, adding that the government would deepen such relationships for mutual benefits.
On his part, the South Korean Ambassador to Ghana, Woon-Ki Lyeo, says the agreement forms part of the Republic of Korea’s support to the development of Ghana.
According to him, South Korea as a developing partner is ready to share its experiences with Ghana in addressing the socio-economic challenges.
He says the agreement would further empower Ghana to obtain the EDF to undertake developmental projects.