IMF closely monitoring Ghana after passage of anti-LGBTQ+ Bill

The International Monetary Fund (IMF) has expressed its attention to the recent developments in Ghana following the passage of the Proper Human Sexual Rights and Ghanaian Family Values Bill, commonly known as the anti-LGBTQ bill.

If President Akufo-Addo signs the bill into law, it will criminalize LGBTQ+ activities, their promotion, advocacy, and funding. The IMF, in a statement reported by Bloomberg, highlighted its internal policies against discrimination based on personal characteristics, including gender, gender expression, or sexual orientation.

The Fund emphasized its commitment to diversity and inclusion, stating that it closely monitors developments in Ghana.

However, the IMF stated that it would refrain from commenting on the bill until it becomes law and its economic and financial implications are thoroughly assessed.

The Fund indicated that it would evaluate the economic and financial consequences of Ghana’s decision to enact the legislation.

Ghana’s financial situation relies significantly on IMF support, as the country sought a bailout after defaulting on its debt and is currently restructuring its finances. The disbursement of the third tranche of IMF support is uncertain if the bill becomes law.

Following the passage of the bill, Ghana’s dollar bonds experienced a decline, with all 14 notes falling in a Bloomberg index tracking emerging-market sovereign hard-currency debt.

The bill has faced criticism both locally and internationally, with the United States Ambassador to Ghana expressing sadness over the development, and the Executive Director of UNAIDS warning that it could impede efforts to end AIDS if enacted into law.

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Aikins Armstrong

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