The passage of the Anti-LGBTQ+ Bill into law will likely see the country lose about US$3.8 billion in World Bank financing over the next five to six years.

This, according to the Finance Ministry, amounts to some potential implications of passing the bill into law.

For the 2024 fiscal year, Ghana will likely lose out on the US$600 million budgetary support and US$250 million earmarked for the Financial Stability Fund.

“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.

The MoF also highlighted potential impacts of the action and made some recommendations following the passage of the controversial Human Sexual Rights and Family Values Bill by parliament.

The ministry also urged President Akufo-Addo to defer signing the bill into law citing these implications and warned that Ghana could face severe repercussions that will hamper financial support from institutions such as World Bank and IMF.

Ghana’s parliament on Wednesday, February 28, 2024, passed the anti-LGBT+ bill following an unanimous decision by lawmakers in the House.

The bill, currently awaiting presidential assent, proscribes lesbian, gay, bisexual, and transgender (LGBT) activities and criminalises their promotion, advocacy, and funding.

Persons 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.

TWI NEWS

MA/SA

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