• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

IMF warns Uganda’s anti-LGBTQ law risks program objectives; will it be same for Ghana? 

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
132
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

IMF warns Uganda’s anti-LGBTQ law risks program objectives; will it be same for Ghana? 

Uganda’s harsh law outlawing homosexuality is undermining foreign direct investment and tourism inflows, hurting attempts by authorities at meeting objectives under an International Monetary Fund program, the lender warned.

Passage of the Anti-Homosexuality Bill, or AHA, could have a larger-than-anticipated impact on the availability of external grants and loans, the Washington-based lender said in a report following a fifth review under a $1 billion extended credit facility.

“Tighter external financial conditions, a larger-than-expected impact of the Anti-Homosexuality Bill on the availability of external financing and tourism, and the impact of climate shocks on agriculture, could jeopardize growth and attainment of program objectives,” the IMF said. “The passing of the AHA has led to a negative reaction among development partners and donors, complicating the financing landscape.”

Uganda’s anti-LGBTQ law penalizes people for offenses including promoting and facilitating same-sex relations, with punishments including life sentences and even death for so-called “aggravated homosexuality.”

The World Bank has suspended new loans to Uganda over the law, while the US issued an advisory cautioning private investors about business and reputational risks of working in the East African nation. It has also excluded Uganda from the preferential African Growth and Opportunity Act trade deal.

Uganda’s Constitutional Court is hearing three petitions challenging the legislation on the basis that it infringes on Constitutional rights and freedoms.

RelatedPosts

Tullow Oil Exits Kenya With $120m Sale to Auron Energy

GSE Market Cap Hits New Record High of GHS 160bn as Indices Extend Gains

Cyber Security Authority Warns High School Graduates Over Indecent Social Media Posts

The IMF review unlocked $120 million for Uganda, bringing disbursements to $870 million since it approved the program in June 2021.

Meanwhile, Ghana has also passed a similar anti-LGTBQ+ Bill with the bill yet to be assented to by the President, Nana Akufo-Addo.

According to the country’s Finance Ministry, assenting the bill could result in significant financial setbacks for Ghana, with an estimated loss of $3.8 billion over the next five to six years.

The Finance Ministry asserts that the impact of the bill on Ghana’s financial landscape would be profound. Notably, the nation stands to lose substantial World Bank financing, including a projected loss of $600 million in budget support for 2024 alone, alongside $250 million earmarked for the Financial Stability Fund.

Such losses would undoubtedly strain Ghana’s foreign exchange reserves and jeopardize exchange rate stability, further exacerbating economic challenges.

The IMF has refused to comment on the country’s anti-LGBTQ+ Bill until it becomes law.

“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.

“We are watching recent developments in Ghana closely. 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,” the Fund quipped in a statement.

Managing Director of the IMF, Kristalina Georgieva, during her visit to Ghana on Monday, March 18, 2024, evaded questions posed to her on the country’s anti-LGBTQ Bill.

“At this point, what we know is that citizens in Ghana have challenged the constitutionality of the proposed law, I will not comment on the details of the bill. Let’s see what the court have to say,” she told journalists.

 

With files from Bloomberg…

 

Source: norvanreports
Tags: anti-LGBTQ BillghanaIMFIMF warns Uganda’s anti-LGBTQ law risks program objectives; will it be same for Ghana?UgandaWorld Bank
No Result
View All Result

Highlights

From Glory With One Race Win to Triumphing by a Single Point – The Most Dramatic Drivers’ Title Comebacks in F1 History

Board Chair of Energy Commission Concerned About Low Participation of Females in Electrical Wiring

CAF Champions League: Second-Leg Primer as Early Pacesetters Look to Finish the Job

Premier League: Red-Hot Liverpool Face Palace Test as Arsenal Try to Keep Pace

President Mahama Touts Ghana’s Economic Rebound at General Assembly

President Mahama Calls for UN Security Council Reform, Reset of Global Financial System at 80th UNGA

Trending

Business

Tullow Oil Exits Kenya With $120m Sale to Auron Energy

September 26, 2025

Tullow Oil Exits Kenya With $120m Sale to Auron Energy Tullow Oil plc has completed the sale...

GSE Market Cap Hits New Record High of GHS 160bn as Indices Extend Gains

September 26, 2025

Cyber Security Authority Warns High School Graduates Over Indecent Social Media Posts

September 26, 2025

From Glory With One Race Win to Triumphing by a Single Point – The Most Dramatic Drivers’ Title Comebacks in F1 History

September 26, 2025

Board Chair of Energy Commission Concerned About Low Participation of Females in Electrical Wiring

September 26, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.