The Finance Ministry has expressed apprehension regarding the potential ramifications of President Akufo-Addo’s approval of the recently ratified Anti-LGBTQ+ bill.
Following the bill’s passage, the Ministry has underscored the adverse effects it could have on government expenditures, as well as critical national initiatives and projects.
In the wake of the bill’s approval, the Finance Ministry has delineated a series of concerns regarding its impact on various aspects of the country’s financial landscape.
It is advocating for President Akufo-Addo to refrain from endorsing the bill as law, citing potentially substantial repercussions for the nation.
Of particular concern to the Finance Ministry are the potential financial losses that could arise from the enactment of the Anti-LGBTQ+ bill.
The Ministry has highlighted the risk of forfeiting a significant portion of the $850 million in budgetary support pledged by the World Bank for the current fiscal year.
The Finance Ministry’s cautionary stance underscores the delicate balance between legislative initiatives and financial stability.
With the specter of substantial financial setbacks looming, the Ministry emphasizes the importance of carefully weighing the implications of the proposed legislation on the country’s economic well-being.
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For 2024 Ghana will lose US$600 million Budget support and US$250 million for the Financial Stability Fund.
This will negatively impact Ghana’s foreign exchange reserves and exchange rate stability as these inflows are expected to shore the country’s reserve position.
Ghana is likely to lose US$3.8 billion in World Bank Financing. Excerpts of the Ministry’s statement explained
PRESIDENT AKUFO-ADDO’S TAKE ON ANTI-LGBTO BILL
PRESIDENT AKUFO-ADDO ON ANTI-LGBTO BILL
