14th June 2024 10:35:28 AM
2 mins readDeputy 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.
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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.
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Together, these funds are intended to strengthen the economy and stabilize the depreciating cedi.
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In an interview with Asaase Radio on Thursday, June 13, Mr. Amoah expressed confidence in the transformative potential of these financial arrangements.
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He credited the substantive Finance Minister for securing these funds and highlighted the importance of international support in Ghana’s economic strategy.
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Mr. Amoah emphasized that the loans are intended not only to stimulate economic growth but also to address challenges related to currency depreciation.
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“… 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…”
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“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.
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“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.
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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.
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