The Ministry of Finance has noted that Ghana risks losing US$3.8 billion in World Bank financing over the next five to six years should President Akufo-Addo assent to the recently passed Promotion of Proper Human Sexual Rights and Ghanaian Family Values Bill also known as the anti-LGBTQ bill.
Here is a breakdown of projects that amount to US$3.8 billion, as indicated by the Ministry.
- US$300 million financing from the First Ghana Resilient Recovery Development Policy Operation (Budget Support) which is currently pending Parliamentary approval
- On-going negotiations on the Second Ghana Resilient Recovery Development Policy Operation (Budget Support) amounting to US$300 million;
- On-going negotiations for US$250 million to support the Ghana Financial Stability Fund;
- Disbursement of undisbursed amounts totaling US$2.1 billion for on-going projects
- Preparation of pipeline projects and declaration of effectiveness for two projects totaling US$900 million may be suspended.
This will negatively impact Ghana’s foreign exchange reserves and exchange rate stability, as these inflows are expected to shore up the country’s reserve position, according to the Finance Ministry.
With regards to the International Monetary Fund External Credit Facility worth $3 billion, the Ministry noted that there is no direct conditionality over its passage, however, the non-disbursement of the budget support from the World Bank will derail the IMF programme.
The Ministry also warned that a derailed IMF programme will have dire consequences on the debt restructuring exercise with the Official Creditor Committee (OCC) and Eurobond holders, as well as Ghana’s long term debt sustainability.
Background
Parliament on February 28 passed the Promotion of Proper Human Sexual Rights and Ghanaian Family Values Bill also known as the anti-LGBTQ bill after three years following its introduction.
During Wednesday’s Parliamentary session Majority Leader Alexander Afenyo-Markin sought to make amendments to the bill during the second consideration stage citing human right infringement.
However, the Minority rejected his request, prompting the Speaker to push for the third consideration stage,.
Speaker Alban Bagbin put the bill to a voice vote and the ayes had it.
As it stands now, Parliament has tabled the bill at the President’s desk for President Akufo-Addo to assent to the bill to become law.
The Anti-LGBTQ+ bill aims to criminalize LGBTQ+ activities in Ghana. It proposes strict penalties, including imprisonment, for individuals engaged in activities related to homosexuality and LGBTQ+ advocacy.
Additionally, the bill seeks to prohibit the promotion of LGBTQ+ rights, organizations, and events in Ghana.
Prior to its passage, there had been several amendments to the bill. After deliberation, Parliament decided that the minimum custodial sentence has been set at three years, with a maximum of five years for promoters and sympathisers.
Additionally, individuals caught directly engaging in these activities will face a minimum sentence of six months, extendable to a maximum of three years.
Ghana is among many African countries that are working to rid LGBTQ activities in the society. Uganda enacted one of the world’s harshest anti-gay laws in May, which calls for the death penalty for certain same-sex acts.
Following this, the country faced sanctions from international communities. The U.S. imposed a first round of visa restrictions on Ugandan officials in response to the law in June, and the World Bank halted new lending to the country in August.
The concern now is Ghana could face similar sanctions and be blocked from receiving financial aid from countries that uphold LGBTQ rights. But Parliamentarians have noted that Ghana is poised to withstand whatever pro-LGBTQ countries throw at them.
Already, the UN High Commissioner for Human Rights, Volker Türk, has described the passage of bill as “profoundly disturbing.”
A portion of the UN Human Rights statement read “I call for the bill not to become law. I urge the Ghanaian Government to take steps to ensure everyone can live free from violence, stigma and discrimination, regardless of their sexual orientation or gender identity. Consensual same-sex conduct should never be criminalized.”
And now look at these useless financial institutions, also involving themselves in the affairs of a sovereign state. They sleep with animals, man to man, woman to woman. We don’t need their stupid lifestyles. But you know what? I don’t at all blame anybody, but the politicians, and our Leaders. We have all the natural mineral resources. What’s our problem?