Anti-LGBT+ Bill has no impact on IMF agreement with Ghana - Andy Appiah-Kubi

The Chairman of the Foreign Affairs Committee of Parliament, Kwame Andy Appiah-Kubi, has insisted that Ghana's agreement with the International Monetary Fund (IMF) is not affected by the Anti-LGBT+ Bill.

He said the claims that the IMF might stop funding Ghana because of the bill were baseless and should be ignored.

Making these remarks on the Key Points on TV3 on March 9, 2024, Appiah-Kubi, who is also the MP for Asante Akim North, said that the IMF had no right to interfere with Ghana's sovereign decision on the bill, which was not part of the original contract.

"The IMF deal is a contract that has its own terms and conditions. It did not mention anything about this bill when we signed it. So the IMF cannot change the rules in the middle of the game. They have already given us some of the money. What will they do with that? Will they cancel the contract and demand a refund?

"That is not how contracts work. We cannot add new clauses to a contract that is already in progress. So there is no reason to fear losing the IMF deal. That is just an empty threat," he said.

His comments come after the Ministry of Finance issued a brief to President Akufo-Addo, highlighting the negative consequences of signing the Anti-LGBT+ Bill into law.

The brief stated that Ghana could lose up to US$3.8 billion in World Bank financing over the next five to six years, affecting the country's foreign exchange reserves and exchange rate stability.

The brief also outlined the specific projects and programmes that could be suspended or cancelled by the World Bank if the bill is made law.

The ministry urged the government to reconsider the bill, as it could create a huge financing gap in the 2024 budget and jeopardize the IMF-ECF programme.

ID/AE

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