Prime News Ghana

Ghana to lose $3.8bn if Akufo-Addo assents to Anti-LGBTQ+ Bill - Finance Ministry

By Vincent Ashitey
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The Ministry of Finance has urged President Akufo-Addo not to assent to the Human Sexual Rights and Family Values bill recently passed by Ghana’s Parliament into law.

The anti-LGBTQ+ bill, passed by Parliament on February 28, makes it criminal for any person to promote, advocate for, or practice homosexuality in Ghana.

Any person found guilty will face a minimum jail sentence of 6 months to 5 years.

The Finance Ministry reacting to this in a statement on Monday, March 4, 2024, warned that any attempts to sign the bill into law will result in severe repercussions and impede on Ghana’s financial support from institutions such as the World Bank and the IMF.

Among the implications include the US$300 million financing from the First Ghana Resilient Recovery Development Policy Operation (Budget Support), currently awaiting Parliamentary approval, which might not be disbursed if the bill is signed into law.

"On-going negotiations on the Second Ghana Resilient Recovery Development Policy Operation (Budget Support) amounting to US$300 million may be suspended and on-going negotiations for US$250 million to support the Ghana Financial Stability Fund may be suspended."

In total, Ghana is likely to lose US$3.8 billion in World Bank Financing over the next five to six years. For 2024 Ghana will lose US$600 million Budget support and US$250 million for the Financial Stability Fund. This will negatively impact on Ghana’s foreign exchange reserves and exchange rate stability as these inflows are expected to shore the country’s reserve position," the statement read.


The Ministry however recommended that the President engage with religious bodies to discuss the implications of signing the bill and to establish a robust coalition and framework for supporting key development initiatives.

“The Presidency may have a structured engagement with local conservative forces such as religious bodies and faith-based organisations to communicate the economic implications of the passage of the ‘Anti-LGBTQ’ Bill and to build a stronger coalition and a framework for supporting key development initiative that is likely to be affected.

”It also added that “the President may have to defer assenting to the Bill until the court rules on the legal issues tabled by key national stakeholders (CSOs and CHRAJ).”