Economist Criticizes Premature Finance Ministry Statement on Anti-LGBTQ+ Bill’s Economic Impact

Dr. Patrick Asuming, an economist at the University of Ghana Business, has contested the Finance Ministry’s recent statement cautioning against the president signing the anti-LGBTQ+ bill, citing its premature nature. In an interview on 3FM’s mid-day news, Dr. Asuming emphasized that it is not the role of the Finance Ministry to advise the president on legislative matters, as the people of Ghana, through their parliamentary representatives, were aware of the bill’s nature.

Dr. Asuming stated, “I think the Finance Ministry has gone ahead of itself a little bit. I think this statement is somehow premature. The Finance Ministry shouldn’t think that Ghanaians, through their representatives in parliament, didn’t know the law that they were passing.”

Highlighting the multidimensional aspects of Ghanaians’ identity, he stressed that while financial implications might be genuine, it is not within the Finance Ministry’s jurisdiction to influence the president against signing a bill duly passed by Parliament.

The Ministry of Finance, on March 4, outlined the dire financial consequences of the president assenting to the anti-LGBTQ+ bill, estimating potential losses of US$3.8 billion in World Bank Financing over the next five to six years. The brief indicated possible suspensions in budget support, negotiations for financial stability, and the disbursement of funds for ongoing and pipeline projects.

Despite these warnings, Dr. Asuming asserted that Ghanaians, being economic, social, political, and cultural beings, must collectively decide the appropriate course of action in response to the bill. The controversial legislation, officially known as the Promotion of Human Sexual Rights and Ghanaian Family Values Bill, was passed by Parliament on February 28, eliciting mixed reactions from various stakeholders.