Deputy Finance Minister Stephen Amoah has disclosed that Ghana is set to receive a US$2 billion concessionary loan from South Korea, aimed at aiding the country’s economic transformation.
This loan is expected to complement other financial contributions, 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 strengthen the economy and stabilize the depreciating cedi.
In an interview with Asaase Radio on Thursday, June 13, Mr. Amoah expressed confidence in the transformative potential of these financial arrangements.
He credited the substantive Finance Minister for securing these funds and highlighted the importance of international support in Ghana’s economic strategy.
Mr. Amoah emphasized that the loans are intended not only to stimulate economic growth but also to address challenges related to currency depreciation.
“… 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 arises as part of the government’s ongoing efforts to address economic vulnerabilities and enhance fiscal stability through strategic financial partnerships with global institutions.