The recent passage of the Proper Human Sexual Rights and Ghanaian Family Values Bill, also known as the “Anti-LGBTQ” Bill, by Ghana’s Parliament has raised concerns from the Ministry of Finance, which has urged the President to withhold assent to its enactment.
At an emergency meeting convened by the Finance Minister, key stakeholders including the Governor and First Deputy Governor of the Bank of Ghana (BoG) and the Commissioner-General of the Ghana Revenue Authority (GRA) deliberated on the potential economic ramifications of the bill.
One of the most pressing concerns is the likelihood of severe financial resource withdrawal from international partners. The World Bank, for instance, has indicated the suspension of various financing initiatives, encompassing budget support, and funding for the Ghana Financial Stability Fund, amounting to an estimated loss of $3.8 billion over the next five to six years.
Moreover, the passage of the bill poses a threat to Ghana’s IMF Extended Credit Facility (ECF) program, which hinges on reliable financing from development partners. This could result in market instability and fluctuations in the exchange rate.
Additionally, negotiations with the African Development Bank for debt restructuring and further cooperation may encounter challenges due to the bill, particularly in light of potential negative reactions from key partners such as Germany.
To tackle the challenges posed by the ‘Anti-LGBTQ’ Bill, the Ministry has urged the President to engage in structured discussions with local conservative groups, such as religious bodies and faith-based organizations. The goal is to convey the economic consequences of passing the ‘Anti-LGBTQ’ Bill and to create a more robust coalition and framework for supporting key development initiatives that may be affected.
Moreover, it has been suggested that the President should delay signing the Bill until the court rules on the legal issues raised by key national stakeholders, such as CSOs and CHRAJ.
