The International Monetary Fund (IMF) has voiced subtle concerns following Ghana’s Parliament’s approval of the anti-LGBTQ+ Bill, emphasizing the importance of diversity and inclusion in economic policies.
On February 28, 2024, Ghana’s Parliament passed a bill criminalizing LGBTQ+ activities and associated promotion, advocacy, and funding, with penalties ranging from 6 months to 5 years in jail.
The legislation has drawn criticism from various quarters, including the United States Ambassador to Ghana, Virginia Evelyn Palmer.
In response, the IMF stated it is closely monitoring developments in Ghana. The IMF highlighted its commitment to diversity and inclusion, stating that its internal policies prohibit discrimination based on personal characteristics, including gender identity and sexual orientation.
“Diversity and inclusion are values that the IMF embraces,” the Washington-based lender said in a statement. “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,” the statement read.
The IMF emphasized the importance of inclusive economies, noting that diverse societies thrive when all individuals are treated equally.
While the bill awaits the signature of President Nana Akufo-Addo, the IMF refrained from commenting on the law’s economic and financial implications until it is enacted.
“We are watching recent developments in Ghana closely,” the fund said. “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 IMF added.
Ghana’s financial stability relies significantly on IMF support, with the nation currently undergoing debt restructuring. The IMF recently approved a second tranche of $600 million to Ghana under an emergency program, while the World Bank has allocated $900 million in development-policy financing to aid economic recovery.
Despite these financial lifelines, Ghana’s dollar bonds experienced a decline in performance following the passage of the anti-LGBTQ+ bill, indicating investor concerns over the country’s economic trajectory.