Ghana: Finance ministry warns country stands to lose $3.8B over controversial anti-LGBTQ bill

Ghana’s finance ministry has warned the country stands to lose a substantial amount of financing from international banks estimated at USD$3.8 billion over the next five to six years should president Nana Akufo-Addo sign a controversial anti-LGBTQ bill.

The impact could adversely affect Ghana’s foreign exchange reserves and exchange rate stability according to the Finance ministry’s statement released Monday.

“The Presidency may have a structured engagement with local conservative forces such as religious bodies and faith-based organisations to communicate the economic implications of the passage of the ‘Anti-LGBTQ’ Bill and to build a stronger coalition and a framework for supporting key development initiative that is likely to be affected” the statement added. 

The controversial legislation which prohibits lesbian, gay, bisexual, and transgender (LGBT) activities and criminalises their promotion, advocacy, and funding in the west African nation, was unanimously passed by Parliament last week Wednesday after three years since it was introduced.

If assented to by President Akufo-Addo, the Human Sexual Rights and Family Values (anti-LGBTQ+) bill will among other things, impose sanctions on willful promotion and engaging in LGBTQ activities in Ghana with a minimum sentence of six months and maximum of three years in prison for culprits. 

Activists and international rights groups have condemned the bill.