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Professor John Gasti, an economics professor and dean of the University of Cape Coast Business School, has clarified that LGBTQ issues were not part of the conditions for Ghana’s external credit facility support from the International Monetary Fund (IMF). He made these comments in response to recent statements by the IMF regarding Ghana’s anti-LGBTQ+ bill.
In an interview on TV3’s *Ghana Tonight* program, Prof. Gasti described the IMF’s comments as “statements of interest” and suggested that Ghana’s finance ministry was being used to influence the President not to sign the bill. He noted a significant amount of lobbying in the final stages of the bill becoming law.
Prof. Gasti explained that when Ghana sought financial assistance from the World Bank, the only condition was the signing of the IMF deal, which had already been approved by Ghana’s parliament. He emphasized that these funds are not free and Ghana will have to repay them.
The finance ministry’s report to President Akufo-Addo highlighted concerns that Ghana could lose over US$3.8 billion in World Bank financing if the anti-LGBTQ+ bill is signed into law. This includes funds for ongoing projects and negotiations for future financial support.
Ghana’s financial stability relies heavily on IMF support, as the nation sought a bailout after defaulting on its debt. While the first and second tranches of the bailout have been disbursed, it is uncertain if the review and approval of the third tranche would be affected by the passage of the bill.
