Ghana’s Ministry of Finance is advising the president against endorsing a controversial anti-LGBT bill recently passed by parliament, cautioning potential repercussions including the loss of up to $3.8bn (£3bn) in World Bank funding over the next five to six years.
The bill proposes three years of imprisonment for identifying as LGBT+ and five years for promoting LGBT+ activities. Ghana, grappling with a significant economic crisis, received an IMF bailout last year. The potential loss of funding from the World Bank and other donors poses a threat to the nation’s economic recovery.
The leaked advisory from the finance ministry suggests that President Nana Akufo-Addo delay signing the bill until the Supreme Court assesses its constitutionality. Human rights groups have already initiated legal challenges, though the Supreme Court review may take time.
President Akufo-Addo has a week to decide on signing the bill and an additional 14 days to provide reasons if he chooses not to. Although the Proper Human Sexual Rights and Ghanaian Family Values bill passed parliament recently, it has yet to reach the president’s desk for approval.
Reports indicate that President Akufo-Addo is consulting with key ministries and donors to evaluate the bill’s potential impact. The US, UK, and human rights organizations have criticized the bill, which enjoyed support from both major Ghanaian political parties.
In a similar situation, the World Bank suspended new loans to Uganda due to stringent anti-LGBT legislation. While the IMF refrains from commenting on unsigned bills, it emphasizes the importance of diversity and inclusion.
The potential loss of approximately $850m (£670m) in support this year could exacerbate Ghana’s economic challenges, diminishing foreign reserves and impacting exchange rate stability.
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