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The Ministry of Finance is pleading with President Akufo-Addo not to assent to the recently passed anti-LGBTQ bill by Parliament.
In a press release on Monday, March 4, the Finance Ministry cautioned that approving the bill could result in significant financial consequences for Ghana.
Ghana to lose $3.8bn if anti-gay bill is signed – Finance Ministry tells Akufo-Addo
According to the Finance Ministry’s statement, Ghana stands to lose a substantial amount of World Bank financing, estimating a potential loss of USD$3.8 billion over the next five to six years.
Specifically, the impact for 2024 includes a loss of USD$600 million in budget support and USD$250 million for the Financial Stability Fund, adversely affecting Ghana’s foreign exchange reserves and exchange rate stability.
The Ministry has also recommended that the President 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.
