The Ministry of Finance has issued a press release urging President Nana Addo Dankwa Akufo-Addo to refrain from signing the recently passed Anti- LGBTQ+ Bill into law. The Ministry expressed concerns about potential severe repercussions on the country’s financial support from international organizations, particularly the Bretton Woods Institutions.
In the statement released on Monday, March 4, the Finance Ministry highlighted the risk of jeopardizing the expected US$300 million financing from the First Ghana Resilient Recovery Development Policy Operation (Budget Support), currently awaiting Parliamentary approval.
The fear is that if the bill is signed into law, this funding might not be disbursed. Additionally, ongoing negotiations on the Second Ghana Resilient Recovery Development Policy Operation (Budget Support), totaling US$300 million, could be suspended. The Finance Ministry emphasized that these potential outcomes could result in a significant loss of financial resources, creating a financing gap in the 2024 budget.
To address these challenges, the ministry called upon the President to engage with religious bodies to discuss the implications of signing the bill and to establish a robust coalition and framework for supporting key development initiatives. The press release suggested, “The Presidency may have a structured engagement with local conservative forces such as religious bodies and faith-based organizations 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 initiatives that are likely to be affected.”
Furthermore, the Finance Ministry recommended that “the President may have to defer assenting to the Bill until the court rules on the legal issues tabled by key national stakeholders (CSOs and CHRAJ).”
This cautious approach is seen as a strategic move to mitigate potential financial risks and ensure ongoing support from international partners.
Below is the full statement:
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