Ghana to Receive US$2 Billion Concessionary Loan from South Korea for Economic Transformation

In a significant development for Ghana’s economy, Deputy Finance Minister Stephen Amoah has announced that the country is set to receive a US$2 billion concessionary loan from South Korea. This financial injection is aimed at supporting Ghana’s economic transformation and will be complemented by additional funds from international financial institutions.

The loan from South Korea is expected to work in tandem with other substantial financial supports, including US$360 million from the International Monetary Fund (IMF) and an additional US$300 million from the World Bank. These combined funds are anticipated to play a crucial role in bolstering the Ghanaian economy and stabilizing 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 his pivotal role in securing these essential funds and emphasized the importance of international support in Ghana’s broader economic strategy.

Mr. Amoah also outlined the specific objectives of the loans, noting that they are designed not only to spur economic growth but also to address challenges related to currency depreciation. The influx of funds is expected to provide a much-needed boost to various sectors of the economy, thereby promoting overall stability and growth.

The Deputy Finance Minister’s announcement comes at a critical time for Ghana, as the nation seeks to navigate economic challenges and position itself for sustained development. The strategic use of these international loans underscores the government’s commitment to fostering economic resilience and advancing the country’s development agenda.

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