Ghana to lose $3.8 billion World Bank funding if anti-LGBTQ+ bill is signed into law
Ghana could lose $3.8 billion of World Bank funding if an anti-LGBTQ bill passed last week is signed into law, according to a Finance Ministry document seen by Reuters.
BBC reports that the financial authorities in Ghana are suggesting that President Nana Akufo-Addo postpone the enactment of the bill until a Supreme Court decision verifies its compliance with the constitution.
The document, dated March, said it summarised deliberations between the finance minister, central bank governor, head of the tax authority and other senior officials and contained recommendations for the president.
The bill’s passage through parliament comes as the West African country tries to emerge from a deep economic crisis and debt default with the help of a $3 billion IMF loan programme secured last year and financing from the World Bank.
In the internal document seen by Reuters, the finance ministry said Ghana was likely to lose US$3.8 billion in World Bank financing over the next five to six years, negatively impacting foreign exchange reserves and exchange rate stability.
Losing World Bank funding would in turn “derail” the IMF programme, trigg£ring a negative market reaction that would affect exchange rate stability, it added.
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“A derailed IMF programme will have dire consequence on the debt restructuring exercise and Ghana’s long-term debt sustainability,” it said.
“Our internal policies prohibit discrimin@tion based on personal characteristics, including but not limited to gender, gender expression, or s+xual orientation. Like institutions, diverse and inclusive economies flourish.
We are watching recent developments in Ghana closely. We cannot comment on a bill that has not yet been signed into law and whose economic and financial implications we have yet to assess,” IMF told Bloomberg in response to the bill.
UNFORTUNATELY, Africa doesn’t learn…. Just imagine how IMF and world bank use loans to control Africa… A continent so endowed with natural resources big enough if harnessed to feed Europe and the world bank itself….. But hey, they would force their own culture on Africa….. Even Ghana 🇬🇭 finance minister is already yielding..