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Ghana to lose $3.8bn if anti-gay bill is signed – Finance Ministry tells Akufo-Addo
The Ministry of Finance is pleading with President Akufo-Addo not to assent to the recently passed anti-LGBTQ bill by Parliament.
In a press release on Monday, March 4, the Finance Ministry cautioned that approving the bill could result in significant financial consequences for Ghana.
According to the Finance Ministry’s statement, Ghana stands to lose a substantial amount of World Bank financing, estimating a potential loss of USD$3.8 billion over the next five to six years.
Specifically, the impact for 2024 includes a loss of USD$600 million in budget support and USD$250 million for the Financial Stability Fund, adversely affecting Ghana’s foreign exchange reserves and exchange rate stability.
The Ministry has also recommended that the President engage with religious bodies to discuss the implications of signing the bill and to establish a robust coalition and framework for supporting key development initiatives.
“The Presidency may have a structured engagement with local conservative forces such as religious bodies and faith-based organisations to communicate the economic implications of the passage of the ‘Anti-LGBTQ’ Bill and to build a stronger coalition and a framework for supporting key development initiative that is likely to be affected.”
It also added that “the President may have to defer assenting to the Bill until the court rules on the legal issues tabled by key national stakeholders (CSOs and CHRAJ).”
Credit: Citinewsroom.com
Below is the full statement by the Finance Ministry
IMPLICATIONS
Impact on World Bank-funded programmes
i. The expected US$300 million financing from the First Ghana Resilient Recovery Development Policy Operation (Budget Support) which is currently pending Parliamentary approval might not be disbursed by the Bank when it is approved by Parliament.;
ii. On-going negotiations on the Second Ghana Resilient Recovery Development Policy Operation (Budget Support) amounting to US$300 million may be suspended;
iii. On-going negotiations for US$250 million to support the Ghana Financial Stability Fund may be suspended;
iv. Disbursement of undisbursed amounts totaling US$2.1 billion for on-going projects will be suspended; and
v. Preparation of pipeline projects and declaration of effectiveness for two projects totaling worth US$900million may be suspended. Full details of the World Bank portfolio are attached as Appendix 1 & 2.
vi. In total, 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. This will negatively impact on Ghana’s foreign exchange reserves and exchange rate stability as these inflows are expected to shore the country’s reserve position.
Impact on the Implementation of the 2024 Budget
The potential loss of these financial resources creates a financing gap in the 2024 budget that must be addressed either through a significant reduction in the expenditures or additional domestic revenue mobilisation. Failing this, Government’s ability to achieve the targets in the 2024 Budget will be undermined and the IMF-ECF Programme will be derailed.
Impact in the IMF Programme
While there is no direct conditionality in the IMF-ECF Programme relating to the passage of the Bill, the principles of the current IMF-ECF Programme are built on predictable financing from Development Partners (Financing Assurances) including the World Bank funded Ghana Resilience Recovery Development Policy Operations. Hence the non-disbursement of the Budget Support from the World Bank will derail the IMF programme. This will in turn trigger a market reaction which will affect the stability of the exchange rate.
Impact on Debt Restructuring Programme
Negotiations with the Official Creditor Committee (OCC) and Eurobond holders under Ghana’s debt restructuring programme is predicated on the success of the IMF programme. Hence, a derailed IMF programme will have dire consequences on the debt restructuring exercise and Ghana’s long term debt sustainability.
Impact on African Development Bank Programmes
The African Development Bank has indicated that the passage of the bill will not have any adverse impact on the cooperation with Ghana.
Possible adverse reaction from Germany and the wider European Community
In several discussions, with officials from the German Government, MoF officials have been informed that the German Government is against the passage of the Bill. Given Germany’s relative strong influence in the European Union and the Official Creditor Committee, there is the need to manage the relationship to forestall a strong negative reaction.
- RECOMMENDATIONS
i. At the Presidency level, We recommend;
a. a structured engagement with local conservative forces such as religious bodies and faith-based organizations to communicate the economic implications of the passage of the “Anti LGBTQ” Bill and to build a stronger coalition and a framework for supporting key development initiative that are likely to be affected;
b. an effective engagement with conservative countries, including the Arab countries and China. This could help trigger resources to fill in the potential financing gaps to be created; and
c. H.E. the President may have to defer assenting to the Bill until the court rules on the legal issues tabled by key national stakeholders (CSOs and CHRAJ).
ii. At the MOF Level,
a. The Ministry will continue to engage with the IMF on the alternative credible sources of funding that will plug the financing gap;
b. GRA to embark on a vigorous revenue mobilisation drive focusing on implementation of approved measures as well as compliance;
c. Consider possible expenditure rationalisation to accommodate the shock from the potential withdrawal of resources; and
d. Leverage on the Ghana Beyond Aid Principles and change the structure of our resource mobilisation. We must improve our domestic resource mobilisation efforts by working towards our medium-term tax revenue to GDP target of 17%-18% and eventually wean ourselves off the unsustainable dependency on development assistance.
- CONCLUSIONS
The passage of the new Bill calls for fortifying local financial systems, strengthening African financial institutions as well as our development journey in partnership with other countries. In line with the Ghana Beyond Aid Agenda, Ghana can navigate the complexities of international relations and emerge with a robust, resilient economy with Ghanaian ownership of the commanding heights of the economy.
The Ghana Tourism Development Company Limited (GTD) in collaboration with the Department of Organisation and Human Resource Management, University of Ghana Business School (UGBS) has marked the 2026 World Safety Day Celebration in Accra.
The event held on Tuesday, April 28, 2026 at the Cedi Conference Centre, Legon was under the theme “Good Psychosocial Working Environment: A Pathway to Thriving Workers and Strong Organizations.”
The day is observed globally to promote safe and healthy working conditions and to raise awareness about both physical and psychological risks at the workplace.
The event formed part of efforts by stakeholders to deepen national conversations on workplace safety, particularly the growing concern about psychosocial well being.
In his keynote address, the Minister for Labour, Jobs and Employment, Dr Abdul Rashid Hassan Pelpuo stressed that workers must not be treated as machines but as human beings with dignity, rights and families.
He explained that unsafe work environments marked by fear, harassment, intimidation and excessive pressure reduce productivity and weaken organisations.
He noted that although physical hazards such as faulty equipment and unsafe buildings remain a concern, psychological risks including excessive workload, bullying, job insecurity and toxic communication are equally dangerous and must be addressed.
According to him, psychological hazards are real, measurable and preventable, and should be treated with the same urgency as physical risks.
He maintained that safe and healthy working conditions are not a luxury but a fundamental right that supports productivity and social justice.
Dr Pelpuo further stated that the government remains committed to strengthening occupational safety and health systems, adding that worker wellbeing is a core responsibility of leadership and not a public relations issue.
He urged employers to create environments where dignity is protected, and workers are empowered to speak without fear.
The Dean of University of Ghana Business School, Prof Ernest Y Tweneboah Koduah noted that the school is committed to shaping a better world of work that is equitable, productive and sustainable.
He announced that the school has secured accreditation from the Ghana Tertiary Education Commission to introduce a programme in organisational health and safety.
He explained that gaps in workplace safety in Ghana are linked to weak enforcement, underreporting and limited professional training.
He added that the new programme will equip graduates with the skills to prioritise employee wellbeing as a key organisational responsibility.
Prof Tweneboah Koduah urged organisations to assess psychosocial risks, invest in human resource capacity and create environments where workers can openly discuss mental health concerns.
He emphasised that collaboration between academia and industry is essential to addressing workplace safety challenges.
Delivering remarks on behalf of the Vice Chancellor, the Registrar of the University of Ghana, Emelia Naa Kwantsua Agyei Mensah described the event as historic, noting that it is the first time the university is marking the global observance.
She explained that the focus on psychosocial wellbeing reflects current realities in the world of work.
She stated that employee health, including mental and emotional wellbeing, directly affects productivity, morale and institutional performance.
Mrs Agyei Mensah added that the university is committed to creating a safe and supportive environment for staff and students, beyond minimum legal requirements.
She called on leaders to reflect on the kind of workplaces they create and to prioritise the wellbeing of employees.
CEO of the GTDC, Prof Kobby on his part noted that its participation aligns with its commitment under the Riyadh Declaration, which calls on member states to improve infrastructure and public safety, as well as enhance services, transport, connectivity and accessibility.
He indicated that the company intends to use the platform to highlight Ghana’s readiness to implement the declaration, with a strong focus on worker safety and wellbeing as a foundation for sustainable tourism development.
The event brought together policymakers, academics, industry players and students to discuss strategies for improving workplace safety and promoting healthier work environments across the country.
By: Jacob Aggrey
The Ghana Armed Forces has confirmed that an escort convoy protecting civilians was attacked in Binduri in the Upper East Region, leaving three people dead.
In a press release issued on April 27, 2026, the military said the convoy, which was escorting about 140 civilians from Bawku to Bolgatanga, came under gunfire from unknown attackers.
It said the attackers shot at the convoy several times, killing three of the civilians being escorted and injuring one other person.
According to the statement, soldiers returned fire and were able to repel the attack. In the process, seven of the assailants were killed.
The military added that during a follow-up operation, weapons and ammunition were retrieved from a suspect who had taken refuge in a mosque.
The items included a G3 rifle, two loaded magazines, and additional rounds of ammunition.
It said ten other suspects have been arrested and are assisting with investigations.
The Ghana Armed Forces cautioned the public against engaging the military or any security agency during operations.
It extended condolences to the families of those who lost their lives and wished the injured person a speedy recovery.
By: Jacob Aggrey
