Ghana's Ministry of Finance has cautioned President Nana Akufo-Addo against endorsing a fiercely contested anti-LGBTQ+ bill, emphasising the risk of substantial financial repercussions, reports Joy News.

The ministry's advisory underscores the potential loss of billions of dollars in World Bank funds, which could further burden the financially-strained West African nation.

After enacting similar legislation, Uganda was struck off from a major trade pact that offers duty-free access to the US market in October 2023 after the Biden administration contended that its Anti-Homosexuality Act was a tragic violation of universal human rights. The previous month, the World Bank halted new financing to Uganda in August over the controversial law which prescribes the death penalty for certain same-sex acts.

According to a confidential document obtained by AFP, Ghana's Ministry of Finance outlined the dire economic consequences should its anti-LGBTQ+ bill be signed into law. It projected a loss of $3.8bn in World Bank financing over the next five to six years, with immediate repercussions including a shortfall of $600mn in budget support for 2024.

The bill, approved by lawmakers in February, seeks to significantly restrict LGBTQ+ rights in Ghana. It elicited widespread condemnation from human rights activists despite finding considerable support in the conservative West African country. Among its provisions are harsh jail sentences for ranging from six months to five years.

The leaked document highlighted the potential disruption to Ghana's economic recovery efforts, particularly as the country is still grappling with the aftermath of its worst economic crisis in decades. 

With Ghana currently under a $3bn loan programme from the International Monetary Fund (IMF), the failure to secure World Bank funds could jeopardise the IMF programme, leading to instability in foreign exchange reserves and exchange rates, the document cited by Joy News added.

Meanwhile, Akufo-Addo has reassured the international community of Ghana's commitment to upholding human rights despite the passage of the bill. 

Addressing concerns during a diplomatic engagement, the president emphasised that Ghana remains steadfast in its long-standing reputation for respecting human rights and adherent to the rule of law, writes Asaase News.