The Ministry of Finance in Ghana has issued a warning that the country could potentially lose out on $3.8 billion in financial support if President Nana Akufo-Addo signs the recently passed anti-LGBTQI bill into law.
The bill, known as the Human Sexual Rights and Family Values bill, criminalizes activities related to the LGBTQ community and prohibits their promotion, advocacy, and funding.
Individuals engaged in LGBTQ activities could face jail terms ranging from six months to three years, while sponsors and promoters could be sentenced to three to five years. Before the bill was passed, amendments were made to align certain clauses with Ghana’s constitution, particularly relating to the media’s editorial policies.
The Ministry of Finance expressed concerns over the potential repercussions of the bill, highlighting that Ghana could miss out on significant financial support from the World Bank.
This includes pending financing of $300 million from the First Ghana Resilient Recovery Development Policy, ongoing negotiations for the Second Ghana Resilient Recovery Development Policy amounting to $300 million, and support for the Ghana Financial Stability Fund.
The US Ambassador to Ghana, Virginia Evelyn Palmer, also warned of dire economic consequences if the bill is enacted. She emphasized that the bill not only takes away the basic human rights of individuals but also undermines constitutional rights to freedom of speech, assembly, and press. Palmer stressed the importance of inclusivity for Ghana’s stability and economic development.
The potential loss of $3.8 billion in World Bank financing over the next five to six years could have severe implications for Ghana’s foreign exchange reserves and exchange rate stability. The decision to move forward with the anti-LGBTQI bill could impact Ghana’s international reputation and attractiveness for investments.
As discussions continue, the implications of the bill on both human rights and economic stability remain at the forefront of the debate in Ghana. The decision on whether President Nana Akufo-Addo will sign the bill into law will have far-reaching consequences for the country’s future.
Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen
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