Ghana Expected To Lose US$3.8 Billion In World Bank Financing If Anti-LGBTQ+ Is Assented – MoF
- Ghana is projected to lose US$3.8 billion in World Bank financing
- World Bank warns Ghana of funding cuts over Anti-LGBTQI+ Bill
- Assenting to the anti-LGBTQ+ Bill will have a detrimental effect on Ghana's foreign exchange reserves
Assenting to the anti-LGBTQ+ Bill passed by Parliament would have disastrous consequences, according to the Ministry of Finance.
The Ministry of Finance stated in a brief about the ramifications of President Akufo-Addo signing the Bill that the nation will lose significant financial support from the Bretton Woods institutions.
Ghana is projected to lose US$3.8 billion in World Bank financing in total throughout the following five to six years. Ghana will not receive US$600 million in budget support or US$250 million from the Financial Stability Fund for 2024. This will have a detrimental effect on Ghana’s foreign exchange reserves and the stability of the exchange rate because these inflows are anticipated to strengthen the nation’s reserve position,” the brief stated.
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