Anti-LGBTQI bill will not affect IMF Programme – Andy Appiah-Kubi clarifies

Member of Parliament for Asante-Akim North, Andy Appiah Kubi, has addressed concerns regarding the potential impact of Ghana’s Anti-LGBTQI bill on financial support from the IMF. In an interview on TV3’s Keypoints, Kubi clarified that the bill was not part of the discussions during Ghana’s negotiations with the IMF.

He emphasized that any decision by the IMF to withhold financial assistance due to the bill would constitute a breach of contract, as the terms of the agreement did not include such a provision.

Kubi highlighted that the IMF had already disbursed funds as part of the existing agreement, raising questions about the implications of suspending the program mid-course.

He underscored that altering contractual terms retroactively could lead to legal complexities and questioned the validity of introducing new conditions into an ongoing agreement.

Meanwhile, the Ministry of Finance has warned about significant financial repercussions if President Akufo-Addo assents to the Anti-LGBTQ+ Bill passed by Parliament, citing potential losses in World Bank financing and budget support.

Ghana is likely to lose US$3.8 billion in World Bank Financing over the next five to six years. For 2024, Ghana will lose US$600 million budget support and US$250 million for the Financial Stability Fund.

Despite concerns raised, some experts have criticized the IMF for what they perceive as premature and unjustified assertions regarding Ghana’s financial stability in relation to the bill.

This ongoing debate underscores the complex interplay between legislative decisions, international agreements, and financial implications for Ghana.

In a brief on the implications of assenting to the Bill by President Akufo-Addo, the Ministry of Finance said the country stands to lose huge financial support from the Bretton Woods institutions.