Government to receive 38 million US dollar loan

The Government of Ghana is to receive a soft loan of 38.2 million US dollars from the government of South Korea to be paid in 30 years. The loan to be granted under South Korea's Economic Development Co-operation Fund (ECDF) is to assist the Government to finance the construction of the Buipe-Bolgatanga Petroleum Pipeline to facilitate the transportation of bulk petroleum products to the North from Akosombo by water.

A statement from the Ministry of Finance, said this was made known in a note delivered by Eui-Min Chung the South Korean Ambassador to Ghana, on behalf of the Deputy Prime Minister and Minister of Finance and Economy of South Korea, when he paid a courtesy call on Yaw Osafo-Marfo, Minister of Finance on Friday, 14 March in Accra. It said the loan agreement and arrangement between the two governments would be signed later.