Ghana: anti-LGBTQ+ law could deprive the state of $4 billion, government warns

A week after its almost unanimous adoption by Ghana's parliament, the recent law targeting LGBTQ+ has still not been promulgated by the president.

While waiting for the signature, the Minister of Finance, in a press release published Monday March 4, warned of the economic consequences of such a law: according to him, Ghana could be deprived of a whole wealth of international financing, a loss which could amount to $3.8 billion.

The Speaker of the Ghanaian Parliament, Alban Sumana Bagbin, speaks in Parliament in Accra, Wednesday February 28, 2024, during the adoption of a highly controversial anti-LGBTQ+ bill.

© Misper Apawu / AP

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With our correspondent in Accra,

Victor Cariou

Nearly four billion dollars less over a period of five to six years, including $850 million lost this year: here are some points from the warning made Monday March 4 by Ghana's Minister of Finance.

The main reason: the approval of

the anti-LGBTQ+ law

would jeopardize current or future World Bank funding, according to him.

The resulting gaping hole in the state budget would have multiple repercussions, particularly with regard to the International Monetary Fund (IMF): in

2023, Ghana obtained financing from the IMF

to the tune of $3 billion, spread out over three years.

The next payments of this aid may be complicated to obtain without funds from the World Bank, warns the minister.

Enough to pose a major economic risk for the country.

Ghana is just beginning to emerge

from an economic crisis that has lasted several years

: inflation, today around 25%, reached

a historic peak

of 54% in December 2022. The Ghanaian cedi is struggling to regain its value against the dollar.

Recommendations from the Minister of Finance: before approving the anti-LGBTQ+ law, Ghana must consolidate its own economy, or even develop partnerships with “ 

more conservative

 ” states like China or Arab countries, he concludes. 

Also read “A homophobic legal war”: in Africa, many countries are further tightening their anti-LGBT+ legislation

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