An Economist at the University of Ghana Business School , Dr Patrick Asuming has admitted that the anti-gay bill is likely to have dire financial implications on the economy.
However, he says, it is not in the place of the Finance Ministry not to tell the president to refuse singing.
Dr Asuming described the Finance Ministry’s statement wanting the president against signing the bill as premature.
Speaking in an interview with Beatrice Adu on the mid-day news on 3FM on Monday, March 4, Dr Asuming said “I think the Finance Ministry has gone ahead of itself a little bit. I think this statement is somehow premature. The Finance Ministry shouldn’t think that Ghanaians, through their representatives in parliament, didn’t know the law that they were passing.
“Right from the beginning we have heard from the same development partners sounding the warning of what may happen when the bill is passed but we have to understand that the Finance Ministry cannot use its position as Finance Ministry to stampede the process and to tell the president to override the feelings of the ordinary Ghanaians as expressed through the Parliament of Ghana.
“So while the possible financial implications may be real I don’t think it is in the place of the Finance Ministry to tell the president not to sign the bill that the people who have passed.
“Don’t forget that Ghanaians are economic beings but we are also social beings, we are political beings, and cultural beings and it is for Ghanaians to decide if. If you say this bill has economic implications it is for Ghanaians to decide which cause of action to take.”
The Ministry of Finance on Monday, March 4 pointed out dreadful implications of the president assenting to the anti-LGBTQ+ Bill.
In a brief on the implications of assenting to the Bill by President Akufo-Addo, the Ministry of Finance said the country stands to lose huge financial support from the Bretton Woods institutions.
“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 Ghana’s foreign exchange reserves and exchange rate stability as these inflows are expected to shore up the country’s reserve position,” part of the brief cited by 3news.com reads.
The Ministry of Finance provided the details as follows:
- The expected US$300 million financing from the First Ghana Resilient Recovery Development Policy Operation (Budget Support) which is currently pending Parliamentary approval might not be disbursed by the Bank when it is approved by Parliament;
- On-going negotiations on the second Ghana Resilient Recovery Development Policy Operation (DPO) for budget support amounting to US$300 million may be suspended;
- On-going negotiations for US$250 million to support the Ghana Financial Stability Fund may be suspended;
- Disbursement of undisbursed amounts totaling US$2.1 billion for ongoing projects will be suspended; and
- Preparation of pipeline projects and declaration of effectiveness for two projects totaling US$900million may be suspended.
The Ministry cautioned that, “The potential loss of these financial resources will create a financing gap in the 2024 budget that the government must address through additional domestic revenue mobilisation and a significant reduction in expenditure. Failing this, Government’s ability to achieve the targets in the 2024 Budget will be undermined and the IMF-ECF Programme is likely to be derailed.”
Parliament on February 28 passed the Promotion of Human Sexual Rights and Ghanaian Family Values Bill.
“3rd reading of the anti-lgbtq Bill passed by parliament, the bill has been passed,” TV3’s Parliamentary correspondent Komla Klutse reported.
Since then, some stakeholders have expressed disquiet about the passage of the Bill.