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Ghana Can Potentially Lose $3.8 Billion Due to Anti-LGBT Bill, Reports Reveal

12:21, 5 March 2024

Christina Glazkova

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Last week, Ghana's parliament passed a bill that assigns criminal responsibility to people who identify as LGBT* and those who advocate for LGBT rights. Those engaged in sex with people of the same sex face five years imprisonment instead of the three years under previous legislation.

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The finance ministry of Ghana cautioned that the country might potentially lose approximately USD$3.8 billion in financing from international banks over the next five to six years if President Nana Akufo-Addo signs an anti-LGBT bill into law, the media reported on Monday.

The finance ministry's statement advised the country to engage with conservative nations such as Arab countries and China to raise more funds.

“The Presidency may have a structured engagement with local conservative forces such as religious bodies and faith-based organizations 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” the statement read, as cited by the media.

The memo, dated March, reportedly outlined discussions among the finance minister, central bank governor, head of the tax authority, and other senior officials, and included recommendations for the president.

The document also reportedly suggested that the loss of the World Bank financing could have a negative impact on Ghana's foreign exchange reserves and exchange rate stability, the media said.

In turn, the International Monetary Fund (IMF) program could be "derailed," leading to a negative market response that would affect exchange rate stability.

"A derailed IMF program will have dire consequence on the debt restructuring exercise and Ghana's long-term debt sustainability," the statement reportedly said.

Sub-Saharan Africa

Ghana's Parliament Approves Bill Criminalizing LGBTQ

29 February, 08:38

Legislation banning LGBT activities and criminalizing their promotion, advocacy and funding in the West African nation was unanimously approved by parliament last Wednesday after being introduced three years ago.

President Akufo-Addo, however, reportedly said that the bill hasn't reached his desk and that Ghana will maintain its human rights record and, noting that the measure had been contested in the Supreme Court.

"I have learned that, today, a challenge has been mounted at the Supreme Court," Akufo-Addo was quoted as saying. "In the circumstances, it would be as well for all of us to hold our hands and await the decision of the Court before any action is taken," he added.

Uganda also passed an anti-LGBT law in May 2023, which includes the death penalty in some cases and a 20-year prison sentence for promoting homosexuality, which led to the imposition of even more sanctions by the United States.

In November 2023, the Russian Supreme Court, at the request of the Ministry of Justice, recognized the “international public movement of LGBT people” as an extremist organization and banned its activities in Russia. The law, which established a ban on LGBT propaganda among Russian citizens - both adults and minors - came into force in December 2022.

* The "LGBT movement" is classified as extremist by the Russian authorities and is banned in Russia.