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BusinessAnti-LGBTQ+ bill: Germany, other nations are contemplating demanding debt repayments - Freddie...


Anti-LGBTQ+ bill: Germany, other nations are contemplating demanding debt repayments – Freddie Blay

Former national chairman of Ghana’s New Patriotic Party (NPP), Freddie Blay exposed growing concerns that Germany and other nations are contemplating demanding debt repayments if President Nana Addo Dankwa Akufo-Addo signs the controversial anti-LGBT+ bill into law.

Blay disclosed that this potential move is seen as a protest against the bill, which critics argue is discriminatory and violates human rights principles.

Speaking in an interview with Oyerepa TV on March 8, 2024, Blay emphasised the country’s dependence on international financial assistance and highlighted Germany’s explicit warning that imposing such a bill could trigger demands for loan repayments.

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“The reality is that we depend on international bodies for financial assistance, we go and borrow money from them and we pay …Germany I am aware of…says if we impose such bill, we will demand our payment on loans and no compromise on that and many other countries have said similar, IMF itself has made it clear on some of the conditions,” Freddie Blay stated.

The Ministry of Finance has issued a stern warning to President Akufo-Addo, cautioning him against assenting to the anti-LGBT+ bill.

A 5-page document released by the ministry reveals the substantial financial repercussions, with Ghana risking the loss of $3.8 billion in World Bank financing.

The document outlines potential losses for 2024, estimating a staggering $600 million in budget support and an additional $250 million earmarked for the Financial Stability Fund.

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