Ningo Prampram MP Sam Nartey George has shot down claims that the International Monetary Fund would discontinue its ongoing bailout programme with Ghana because of the recently passed anti-LGBTQ bill.
Sam George, who was a key proponent of the bill, said in a social media post on Thursday that Uganda, a country that recently approved a law against gay activities, is set to receive its installment of US$120 million from the IMF as part of its Extended Credit Facility (ECF) programme.
According to him, there should be no justification for Ghana not continuing the US$3 million ECF programme with the IMF on the grounds of the passage of the Proper Sexual Rights and Family Values Bill by Parliament.
“The @IMFNews [IMF] yesterday approved the fifth tranche of US$120 million for Uganda under their Extended Credit Facility Arrangement.”
“Those who claim that Ghana would lose out from the next tranche under our current IMF program have been caught pants down.”
“The advice from the Ministry of Finance was poor to say the least and should not be considered by His Excellency @NAkufoAddo [Nana Akufo-Addo]”
“We would pass the Bill to protect the innocence of our children and the cultural values of Ghana”, the lawmaker asserted on X.
Hon. George’s call comes after the Ministry of Finance warned the President to hasten slowly in the assent of the bill as there will be immediate negative repercussions for the 2024 budget, the ongoing IMF programme, and funding support from the World Bank.
“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,” the statement from the Finance Ministry said.
Although the anti-gay bill was passed on February 28, 2024, President Akufo-Addo has yet to consummate it into law.
However, at a recent confab with some members of the Diplomatic Corps, the President disclosed that he is informed that some citizens have challenged the bill in court, and he is awaiting the determination of the court on the issue.
He also assured the diplomats that Ghana, as a democratic country, would uphold the principles of the rule of law in determining the final outcome of the matter.
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