Ghana’s finance ministry has aised concerns over a controversial anti-LGBT bill recently passed by parliament, urging President Nana Akufo-Addo not to sign it into law.
The ministry warns of potential repercussions, including a loss of $3.8 billion in World Bank funding over the next five to six years. The bill proposes harsh penalties, such as three years’ imprisonment for identifying as LGBT+ and five years for promoting LGBT+ activities.
Amidst Ghana’s economic crisis and previous IMF bailout, the finance ministry emphasised the risk of further economic instability should funding from the World Bank and other donors be compromised. The leaked warning, an uncommon move, advised the president to await the Supreme Court’s ruling on the bill’s constitutionality before taking action.
President Akufo-Addo has a limited timeframe to decide on the bill, with seven days to sign it into law and 14 days to provide reasons if he chooses not to.
Meanwhile, he is engaging with key ministries and donors to evaluate the bill’s potential impact.
International condemnation of the bill has already been voiced by the US, UK, and human rights groups. Notably, the World Bank’s previous response to similar legislation in Uganda, freezing new loans, underscored the significance of global repercussions.
Despite the IMF’s refrain from commenting on unsigned bills, it emphasises the values of diversity and inclusion. With Ghana facing a potential loss of $850 million in support this year alone, officials warn of adverse effects on the struggling economy, foreign reserves, and exchange rate stability.
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