A deputy finance minister, Stephen Amoah has disclosed that Ghana is expecting a US$2 billion concessionary loan from South Korea to support the country’s economic transformation.
Speaking during an interview on Asaase Breakfast Show on Thursday (13 June), Mr. Amoah revealed that, the Korean concessionary loan is the best offer Ghana have because it comes with zero or no interest.
“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.
However, he reiterated that Korea offered the loan because of how Ghana was able to manage the post-COVID situation.
“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.
The deputy finance minister further clarified that the Korean concessionary loan together with the US$360 million from the International Monetary Fund (IMF) and an additional US$300 million from the World Bank are expected to boost the economy and stabilise the depreciating cedi, thus, commended the Finance Minister, Amin Adam for his good work done.
“… 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…”, he added.
