Ghana’s Finance Ministry Warns of Potential $3.8B Loss Due to Anti-LGBTQ Legislation

Ghana’s finance ministry has issued a warning that the country could experience a significant loss of funding from international banks, amounting to an estimated USD$3.8 billion over the next five to six years, if President Nana Akufo-Addo signs a contentious anti-LGBTQ bill into law. This potential reduction in financing could adversely affect Ghana’s foreign exchange reserves and exchange rate stability, as highlighted in the ministry’s statement released on Monday.

To address these concerns, the statement suggests that the Presidency may engage with local conservative groups, such as religious bodies and faith-based organizations, to communicate the economic implications of passing the ‘Anti-LGBTQ’ Bill. Such engagement would aim to build a stronger coalition and establish a framework for supporting key development initiatives that may be impacted by the bill’s passage.

The bill, which prohibits LGBTQ activities and criminalizes their promotion, advocacy, and funding in Ghana, was unanimously passed by Parliament last week after being introduced three years ago. If enacted, the Human Sexual Rights and Family Values (anti-LGBTQ+) bill would introduce sanctions for individuals promoting or engaging in LGBTQ activities, with offenders facing imprisonment ranging from six months to three years.

However, this legislation has faced criticism from activists and international rights organizations, who argue that it violates human rights principles.