The International Monetary Fund has hinted that it is keeping a close eye on developments in Ghana following the passage of the Proper Human Sexual Rights and Ghanaian Family Values Bill, popularly referred to as an anti-LGBTQ bill.
The bill, if assented to by President Akufo-Addo, will criminalise LGBTQ+ activities, their promotion, advocacy, and funding.
According to a Bloomberg report, the Bretton Woods institution stated in a statement that “its internal policies frown on discrimination based on personal characteristics, including gender, gender expression, or sexual orientation.”
“Diversity and inclusion are values that the IMF embraces,” the Fund emphasised.
Recognising the gravity of the situation, the IMF stated that it would closely monitor developments in Ghana.
The Fund also stated that it will not comment on the bill until it has been enacted into law and its economic and financial ramifications have been thoroughly analysed.
However, the IMF added that if this occurs, it will evaluate the economic and financial consequences of Ghana’s decision to enact the legislation.
Ghana’s financial position depends critically on IMF support. The nation sought a bailout after defaulting on its debt, which it’s now in the process of restructuring, and relies on the fund for access to vital foreign exchange.
Following an economic crisis, the West African nation sought an IMF bailout. The first and second tranches have been disbursed to the Bank of Ghana’s account.
However, it is uncertain if the review and approval of the third tranche would be affected should the bill become law.
Read more on the anti-LGBTQ+ bill
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Ghana’s dollar bonds were among the worst performers on Friday in a Bloomberg index that monitors emerging-market sovereign hard-currency debt, following the bill’s passage.
All 14 of Ghana’s dollar notes in the gauge fell, with those due in 2034 the most affected. The price of the securities retreated 0.3 cents on the dollar to 43.08 cents at 8:10 a.m. in London, the lowest since Jan. 12.
The bill, which is yet to become law, has generated widespread criticism both locally and internationally. Virginia Evelyn Palmer, the United States Ambassador to Ghana, noted that the development saddened her.
“I am saddened because some of the smartest, most creative, most decent people I know are LGBT,” Palmer posted on X.
Also, the Executive Director of the UNAIDS, Joint United Nations Programme on HIV/AIDS, Winnie Byanyima, indicated that the passage of the Bill by Ghana’s Parliament will “be a barrier to ending AIDS” if it is assented to become law.