Ghana is anticipating a US$2 billion concessionary loan from South Korea to promote the nation’s economic development, according to Deputy Finance Minister Stephen Amoah.
This loan is anticipated to supplement additional funding in the amount of US$300 million from the World Bank and US$360 million from the International Monetary Fund (IMF).
All of these resources are meant to support the economy and stabilize the falling cedi.
On Thursday, June 13, Mr. Amoah gave an interview with Asaase Radio in which he voiced confidence in the revolutionary power of these financial arrangements.
He emphasized the significance of such foreign assistance in Ghana’s economic policy and gave gratitude to the substantive Finance Minister for his part in getting these monies.
Mr. Amoah outlined the precise goals of the loans, emphasizing that they are meant to address issues with currency depreciation in addition to promoting economic growth.
He stated:
“… 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,”
“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,”
