Ghana’s Ministry of Finance has hinted that the country is likely to lose about US$3.8 billion in World Bank financing over the next five to six years.
They opened up about some of the potential implications of passing the bill into law in a statement.
According to the Ministry of Finance, Ghana will likely lose out on the US$600 million budgetary support and US$250 million earmarked for the Financial Stability Fund for the 2024 fiscal year.
“This will negatively impact on Ghana’s foreign exchange reserves and exchange rate stability as these inflows are expected to shore the country’s reserve position,” the Ministry of Finance said in a statement issued on March 4, 2024.
They also highlighted the potential impacts and made some recommendations following the passage of the Human Sexual Rights and Family Values Bill by the country’s parliament.
Looking at what lies ahead, the Ministry has urged President Akufo-Addo not to assent to the bill.
On Wednesday, February 28, 2024, Ghana’s parliament passed the anti-LGBT+ bill following a unanimous decision by lawmakers.
The bill which is currently awaiting presidential assent, proscribes lesbian, gay, bisexual, and transgender (LGBT) activities and criminalises their promotion, advocacy, and funding.
People who would be caught in these acts would be subjected to a six-month to three-year jail term, with promoters and sponsors facing a three to five-year jail term.
