Ghana secures $2bn 30-year moratorium loan from South Korea
Deputy Finance Minister, Stephen Amoah, has disclosed that Ghana will be receiving some $2 billion in concessionary loan from South Korea.
The loan he noted, is aimed at supporting the country’s economic transformation agenda.
The $2bn loan from South Korea is set to complement other international financial inflows, including the $360 million tranche from the International Monetary Fund (IMF) and an additional $300 million from the World Bank.
Speaking during a recent interview on Asaase Radio, Mr. Amoah lauded the efforts of the substantive Finance Minister, Dr Mohammed Amin Adam in negotiating these pivotal financial packages.
He underscored the transformative potential of these funds, particularly the South Korean loan, which features exceptionally favorable terms—a near-zero interest rate coupled with a 30-year moratorium period.
“This is arguably the best concessionary loan that Ghana has ever secured. The terms are extraordinarily favorable, almost equating to free money,” Dr Amoah remarked.
He attributed this financial commitment to the South Korean government’s confidence in Ghana’s post-COVID economic management.
The influx of these funds is designed not only to spur economic growth but also to address the persistent challenge of currency depreciation.
The broader strategy reflects the government’s ongoing efforts to fortify fiscal stability and mitigate economic vulnerabilities through strategic partnerships with global financial institutions.
