We embrace diversity and inclusion – IMF cautions Ghana against anti-LGBTQ bill

The International Monetary Fund (IMF) has stated its intention to closely observe events in Ghana in light of the passage of the Proper Human Sexual Rights and Family Values Bill. The bill, commonly known as the Anti-LGBTQ bill, aims to criminalize LGBTQ+ activities, as well as their promotion, advocacy, and funding.

The IMF has also indicated that it will refrain from commenting on the bill until it is signed into law and its economic and financial implications are thoroughly assessed. Should the bill become law, the IMF will then assess the economic and financial implications of Ghana’s decision to pass the bill.

Ghana has been seeking a bailout from the IMF following an economic downturn, with the first and second tranches hitting the Bank of Ghana’s account. However, the passage of the bill has cast uncertainty over Ghana’s prospects of securing the third tranche.

In response to the news of Ghana’s anti-LGBTQ legislation, the country’s dollar bonds experienced a decline, ranking as the second-worst performers in a Bloomberg index monitoring emerging-market sovereign hard-currency debt on Thursday.

All 14 of Ghana’s dollar notes in the gauge saw a drop in value, with the bonds maturing in 2034 experiencing the most significant impact, plummeting to 43.34 cents on the dollar, marking their lowest level since January 12.

Meanwhile, pressure is mounting on President Akufo-Addo to assent to the bill.