Over the last sixty years the economic and industrial fortunes of Ghana and Korea have proved worryingly divergent. Though Ghana and South Korea had comparatively similar GDP per capita in the 1960s, South Korea in 20171 ($29,742.839) has been able to attain a GDP per capita that is about ten times that of Ghana ($1,641.487). This work critically examines the economic relationship between Ghana and South Korea in the last forty years. It focuses on the economic miracle of South Korea and the lessons for developing countries like Ghana. The article utilizes economic, historical and policy data drawn from primary and secondary sources in an attempt to examine the economic relations between the two countries thus far and prescribe ways in which Ghana can benefit far more than ever before from her economic co-operation with Korea. The paper argues that for Ghana to benefit from its economic relations with South Korea the ideational example of this East Asian state in constructing a developmental state (DS) is critical. Flowing from this, it is recommended that this West African nation becomes more diligent and innovative in her economic relations with Korea as a matter of strategic necessity in pursuit of Ghana’s long held industrialization dream.