Ghana to receive $2bn loan from Korea to enhance economic growth

Source The Ghana Report

A Deputy Finance Minister, Stephen Amoah has revealed that Ghana is expecting a US$2 billion concessionary loan from South Korea aimed at supporting the country’s economic transformation. 

This loan is expected to complement other financial injections, including US$360 million from the International Monetary Fund (IMF) and an additional US$300 million from the World Bank.

Together, these funds are intended to bolster the economy and help stabilise the depreciating cedi.

Speaking in an interview on Thursday, June 13, Mr Amoah expressed confidence in the transformative impact of these financial arrangements.

He credited the substantive Finance Minister for his role in securing these funds, emphasising the importance of such international support in Ghana’s economic strategy.

Mr Amoah highlighted the specific objectives of the loans, noting that they are intended not only to boost economic growth but also to mitigate currency depreciation challenges.

“We are also expecting US$2 billion from Korea, my minister did a very great job when we went to meet them. We are even negotiating for more…”

“Korea’s money is the best concessionary loan that I’m sure this country will ever have because the interest is almost zero and we will have a moratorium of about 30 years. It is almost free,” he said.

“They are not just doing this because it’s Ghana, they are doing this because they have done a lot of work on Ghana; they were impressed with how we’ve been able to manage the post-COVID situation,” he added.

This initiative comes amidst ongoing efforts by the government to address economic vulnerabilities and enhance fiscal stability through strategic financial partnerships with global institutions.

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