An economist with the University of Ghana’s Business School, Dr Patrick Assuming, is of the view that the Finance Ministry’s cautionary statement to President Akufo-Addo not to assent to the newly passed anti-LGBTQ+ Bill is “unnecessary.”
For him, legislators were aware of the financial implications that will come out of the passage of the Bill but chose the interest of the people over financial considerations.
That, he said, the Finance Ministry is not in the right place to advise the President on legislative matters, saying “it is not in the position of Finance Ministry to override the legislature.”
The Finance Ministry has written to advice President Akufo-Addo not to assent to the anti-LGBTQ+ bill, citing financial repercussions if the bill is given Presidential backing.
The Finance Ministry stated in its cautionary statement dated March 4, 2024, that “In total, Ghana is likely to lose US$3.8 billion in World Bank Financing over the next five to six years. For 2024 Ghana will lose US$600 million Budget support and US$250 million for the Financial Stability Fund. This will negatively impact on Ghana’s foreign exchange reserves and exchange rate stability as these inflows are expected to shore the country’s reserve position.”
The controversial legislation which prohibits lesbian, gay, bisexual, and transgender (LGBT) activities and criminalises their promotion, advocacy, and funding in the country, was unanimously passed by Parliament on Wednesday, February 28, 2024, after three long years since it was introduced on the floor of parliament.
The anti-LGBTQ bill if assented to by the President will, among other things, impose sanctions on willful promotion and engaging in LGBTQ activities in the country.
The bill proscribed a minimum sentence of six months and maximum three years for persons caught in the act of same-sex activities.
However, persons found guilty of willful promotion or advocating or funding the activities of LGBTQ will, upon conviction, face three years minimum and five years maximum imprisonment.
Speaking on Accra-based 3FM on Monday, March 4, 2024, Dr Assuming, further described the Finance Ministry’s statement “fear mongering.”
For him, “the US is working through World Bank to stifle countries passing anti-LGBTQ+ laws.”
He was of the view that Ghana as a country should do what will serve the interest of its citizens, saying “the government is there to serve the wishes of the people.”
