Ghana’s recent business forum with South Korean investors reflects Seoul’s broader strategic pivot toward Africa, with the Asian economic powerhouse ramping up engagement across the continent through major trade agreements, infrastructure financing and technology partnerships.
Between 2022 and 2023, South Korea signed 47 cooperation agreements in mining, energy and manufacturing across Africa, signaling a dramatic expansion of Korean commercial interest in the continent. South Korea’s official development assistance to Africa is projected to increase dramatically, from approximately $628 million in 2023 to $13.6 billion by 2030, with an additional $19.1 billion in export financing for South Korean companies operating in Africa.
The Ghana Korea Business Forum held in Accra this week, where officials pitched investment reforms and infrastructure programs to Korean delegates, fits into this larger pattern. In June 2024, Seoul hosted the first Korea Africa Summit, with 48 of Africa’s 54 countries meeting to discuss issues ranging from economic cooperation and development to security and technology.
For Ghana specifically, the Korean engagement follows a similar pattern established with Japanese investors. A 40 member Japanese business delegation visited Ghana from January 14 to 16, 2026, for a Ghana Japan Business and Investment Forum, highlighting intensifying competition among Asian economies for African partnerships.
Recent examples of progress in African industrialization include the emergence of a leather industry in Ethiopia alongside textiles and garments, as well as the development of pharmaceuticals in Ghana and Kenya. Ghana’s automotive sector has also expanded, with a series of assembly plants established since 2019.
Korean companies have demonstrated long term commitment to African markets. Daewoo Engineering and Construction has a 30 year history of operating in Africa, while other Korean firms including Samsung C and T and Dohwa Engineering have made significant investments across the continent.
Korea’s small and medium enterprises are entering a structural transition phase amid global protectionism and accelerating digital disruption, making African markets increasingly attractive for diversification. Digital transformation and artificial intelligence upskilling could reduce the productivity gap between small and large firms, a persistent weakness in Korea’s industrial structure.
Ghana’s Trade, Agribusiness and Industry Minister Elizabeth Ofosu Adjare expressed optimism that the outlook for the sector looks more promising than the gains made in 2025, with government plans to support the establishment of three large garment factories aimed at employing 27,000 people in the long run.
Experts note that success for both Korean investors and African host countries depends on effective project structuring and understanding of local regulatory environments. Infrastructure deficits, skills gaps and access to finance remain challenges, though targeted partnerships in education and technology transfer could address some of these constraints.
