World Bank, IMF financial aid does not reflect anti-LGBTQ+ conditions – Economist
Economist Prof. John Gatsi believes that Bretton Woods institutions cannot penalise Ghana by withdrawing financial assistance to the country based on issues such as passing a law against LGBTQ+.
The Dean of the University of Cape Coast (UCC) Business School made the argument after the Finance Ministry wrote to President Akufo-Addo, on March 4, advising him to defer the signing of the passed anti-LGBTQ+ Bill into law.
The ministry advised that such action could lead to severe repercussions on the country’s financial support from the International Monetary Fund (IMF) and the World Bank.
The statement highlighted concerns that the expected US$300 million financing from the First Ghana Resilient Recovery Development Policy Operation (Budget Support), currently awaiting Parliamentary approval, might not be disbursed if the Bill is signed into law.
Prof. Gatsi, however, said loan agreements signed with the World Bank and the International Monetary Fund do not reflect LGBTQI+ conditions.
“When the IMF deal was signed, there was no condition regarding LGBTQ. The same held when the World Bank loan was approved by parliament. The only condition was that the legislature must consider the loan and pass it”.
“So to come at this hour and indicate that if we go ahead to sign the LGBTQ bill into law, then all those monies will elude us does not reflect the terms of the agreement we signed with the IMF and the World Bank,” he argued.
He pointed out that the demands made by international donors and organisations do not align with African values and culture.
According to him, the relationship between African governments and international organisations must be limited to business and partnerships.
“That is the way we can work together. They need us, we need them. That is the situation,” he said.
Professor Gatsi is of the view that Ghana and its leaders must be firm when it comes to the values that society holds dear.
“I will not say they are hypocritical at this point. All I will say is that some of their thinking does not reflect our society, and we are reminded to protect our society. That is the difference, and they need to get to that point to accept what we are doing.”
Parliament passed the Proper Human Sexual Rights and Ghanaian Family Values Bill, on Wednesday, February 28.
President Akufo-Addo has yet to assent to the Bill, which has garnered a lot of conversations and opposition.
The President reassured the international community of Ghana’s commitment to upholding human rights despite the recent passage of the Proper Human Sexual Rights and Ghanaian Family Values Bill, popularly known as the Anti-LGBTQ+ Bill.