Ghana's IMF Relations and LGBTQ Debate: Insights from Economics Professor John Gatsi

Written by Afua Amankwanowa

Professor John Gatsi, an esteemed economics professor and dean at the University of Cape Coast Business School, has weighed in on Ghana's interactions with the International Monetary Fund (IMF) regarding LGBTQ issues. Gatsi clarified that LGBTQ-related conditions were not part of Ghana's discussions when seeking IMF external credit facility support. He interpreted the IMF's recent comments on Ghana's anti-LGBTQ+ bill as expressions of interest rather than imposed conditions.

Gatsi suggested that Ghana's finance ministry might be utilizing concerns about potential financial implications to influence President Akufo-Addo's decision regarding the bill passed by parliament. He observed intensive lobbying efforts in the lead-up to the bill's potential enactment.

During his remarks, Gatsi underscored that LGBTQ considerations were not included in Ghana's negotiations with the IMF. He emphasized that while financial support from entities like the World Bank is contingent upon parliamentary approval, LGBTQ issues were not among the stipulated conditions.

The finance ministry presented a report to President Akufo-Addo outlining potential financial repercussions, including the risk of losing over US$3.8 billion in World Bank financing if the anti-LGBTQ+ bill is signed into law. The report highlighted concerns about funding for ongoing projects, such as the Ghana Resilient Recovery Development Policy Operation and the Ghana Financial Stability Fund.

Given Ghana's reliance on IMF support for financial stability, Gatsi noted uncertainties about the impact on the approval of the third tranche of IMF assistance if the anti-LGBTQ+ bill is enacted.