A Doctor of Economics at the University of Ghana Business School, Dr. Patrick Asuming, has said it is not in the place of the Finance Ministry to tell the President not to assent to the Anti-LGBTQ bill recently passed by Parliament.
The Economist says the passage of the bill is a decision by Ghanaians through their representatives in the Legislature, and the Ministry cannot ask the President to reject it.
His comments come on the back of a statement issued by the Ministry of Finance on the possible implications of the Anti-LGBTQ Bill from Ghana’s development partners should the President assent to it.
The Ministry is urging President Akufo-Addo to hold off on signing the bill into law as it may cost the country greatly.
These risks include a potential loss of $850 million in budgetary support from the World Bank this year alone.
In the 5-page document, the Ministry explained that “for 2024 Ghana will lose US$600 million Budget support and US$250 million for the Financial Stability Fund.”
“This will negatively impact Ghana’s foreign exchange reserves and exchange rate stability as these inflows are expected to shore the country’s reserve position.
Speaking on 3FM’s Midday News Monday, March 4, 2024, the Economist noted the Finance Ministry’s statement is premature.
“The Finance Ministry has gone ahead of itself a little bit and I think this statement is somewhat premature. The Finance Ministry shouldn’t think that Ghanaians and through their representatives in Parliament didn’t know the law that they were passing.
“So, while the possible financial implications may be real, I don’t think it’s in the place of the Finance Ministry to tell the President not to sign the bill that the people of Ghana through their representatives have passed,” he stated.
He continued that “right from the beginning we heard the same development partners sounding warnings of what will happen when the bill passes but we have to understand that the Finance Ministry must not use its position as Finance Ministry to stampede the process and to tell the president to override the feelings of ordinary Ghanaians.”
