Renowned economist Joe Jackson has highlighted Ghana’s critical dilemma concerning foreign aid and the looming economic fallout associated with the Anti-Gay Bill’s enactment. With the Ministry of Finance urging President Nana Addo Dankwa Akufo-Addo to withhold assent to the recently passed anti-LGBTQ bill by Parliament, Jackson emphasizes the gravity of the decision at hand.
He urges the nation to carefully consider whether to accept foreign aid graciously or brace for potential economic consequences tied to implementing the Anti-Gay Bill. The Finance Ministry’s press release on Monday, March 4, issued a stark warning, indicating that the bill’s approval could result in severe financial ramifications for Ghana.
According to the Ministry’s analysis, Ghana stands to lose an estimated USD$3.8 billion in World Bank funding over the next five to six years. For 2024 alone, this projection entails a loss of USD$600 million in budget support and USD$250 million for the Financial Stability Fund, which could adversely impact Ghana’s foreign exchange reserves and exchange rate stability.
In light of these dire predictions, the Ministry advises the President to engage religious bodies in discussions about the bill’s implications and establish a robust coalition and framework to support crucial development initiatives. Jackson aligns with the Finance Ministry’s assessment of the potential challenges Ghana might face if the bill becomes law, noting the country’s current severe financial distress, marked by non-payment of commercial debts since December 2022.
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Story by: Osei Akoto(Teacher Kojo) #Ahotoronline.com
