Ghana’s IMF assistance at risk amidst passage of anti-LGBTQ+ bill
The International Monetary Fund (IMF) said it is monitoring events in Ghana following the approval of a bill by lawmakers, which proposes a potential three-year jail sentence for individuals identifying as LGBTQ.
The legislation was passed by lawmakers last week, garnering support from both the ruling party and the opposition. The law imposes a prison sentence of up to three years for anyone convicted of identifying as LGBTQ+ and also imposes a maximum five-year jail term for forming or funding LGBTQ+ groups.
Before it takes effect, President Nana Akufo-Addo, set to step down after elections on December 7, must sign the bill into law, Bloomberg reported.
According to the IMF, diversity and inclusion are values it embraces. “Our internal policies prohibit discrimination based on personal characteristics, including but not limited to gender, gender expression, or sexual orientation. Like institutions, diverse and inclusive economies flourish,” the Washington-based lender said.
“We are watching recent developments in Ghana closely,” the fund said. “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.”
Ghana’s financial stability is heavily reliant on IMF support. The country sought a $3 billion bailout following a default on its debt, which it’s now in the process of restructuring.
On January 19, the International Monetary Fund (IMF) approved the release of a second tranche of $600 million to Ghana under its three-year emergency program.
The LGBTQ bill has faced strong criticism from both the United States and Amnesty International.
Ghana now joins the ranks of African nations enacting strict anti-LGBTQ legislation.
Uganda implemented a similar measure last year, but even with more severe penalties, including life imprisonment and the death penalty. The country has since faced serious economic sanctions from different quarters.
The World Bank suspended Uganda’s funding over human rights concerns tied to the anti-homosexuality law.
Following suit, the United States expelled Uganda from the Africa Growth and Opportunity Act (AGOA), a specialized trade program established in 2000 to foster economic relations between the U.S. and Africa.
