Ghana expecting US$2 billion loan from Korea to boost economy — Dr Stephen Amoah

Ghana is set to receive a $2 billion concessionary loan from South Korea to boost the West African nation's economic recovery, according to Deputy Finance Minister Dr. Stephen Amoah.

Speaking on Accra-based Asaase Radio on Thursday, June 13, Dr. Amoah revealed that negotiations are far underway for the loan package.

"We are 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..." Amoah stated.

The loan is part of a wider financing package that includes $360 million from the International Monetary Fund and $300 million from the World Bank.

The Nhyiaeso lawmaker described the Korean financing as having "the best concessionary terms".

“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.

According to the deputy minister, South Korea was impressed with Ghana's handling of the economic fallout from the COVID-19 pandemic.

"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,” Dr. Amoah said.

The new loans are expected to boost Ghana's economy and stabilize its currency, the cedi, which has weakened against the U.S. dollar in recent months.