Ghana finance ministry alerts to repercussions of anti-LGBTQ law.

March 4, 2024
1 min read

Article Summary


Key Points:

  • Ghana’s finance ministry warned against endorsing the anti-LGBTQ bill
  • The bill could result in Ghana losing billions of dollars in World Bank funds

In a recent development, Ghana’s finance ministry has advised President Nana Akufo-Addo against signing a controversial anti-LGBTQ bill that was approved by lawmakers. The bill, which aims to severely restrict LGBTQ rights in the country, has prompted concern due to its potential economic implications.

The finance ministry issued a confidential document highlighting that the passage of the bill could lead to Ghana losing substantial World Bank financing over the next several years. This economic fallout could disrupt the country’s 2024 budget plans and impact foreign exchange reserves and exchange rate stability.

The bill, known as the anti-gay bill, has faced international condemnation, including from the UN and western governments. Despite its widespread criticism, the bill has gained significant support among MPs in Ghana, including backing from religious and traditional leaders.

President Akufo-Addo, who is approaching the end of his second term, has yet to indicate when he will make a decision on the bill. The issue of foreign loans, debt management, and economic recovery is expected to be a major campaign theme in the upcoming presidential election.

Ghana’s economy has been struggling, facing its worst economic crisis in decades, exacerbated by factors such as high inflation, debt expansion, and the global pandemic. The potential repercussions of passing the anti-LGBTQ bill could further strain the country’s financial stability and access to critical funding.

It remains to be seen how this situation will unfold and what decisions will be made regarding the bill in Ghana.

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