American businesses won’t exit Ghana despite Anti-LGBTQ+ legislation due to profitability – Sam George

He says they are in the country because of the profit they are making.

Sam George says if they choose to leave Ghana, other companies will come and make that profit.

“The West needs Ghana,  American businesses operating today in Ghana are not doing so because of LGBTQI, they are doing so because of profit and they will not leave Ghana because of LGBTQI when they look at their profit margin.

“If they choose to pack bags and baggage and leave any other company will come, Ghana is a profitable country to do business in. We must stop cheapening ourselves and making it look like we have no sense of self-worth,” he said on the Hot Issues on TV3 Sunday, March 10.

Parliament on February 28 passed the Promotion of Human Sexual Rights and Ghanaian Family Values Bill.

There have been fears that the passage of the bill will lead to sanctions from the West.

The Ministry of Finance on Monday, March 4 pointed out dreadful implications of the president assenting to the anti-LGBTQ+ Bill.

In a brief on the implications of assenting to the Bill by President Akufo-Addo, the Ministry of Finance said the country stands to lose huge financial support from the Bretton Woods institutions.

“Ghana is likely to lose US$3.8 billion in World Bank Financing over the next five to six years. For 2024, Ghana will lose US$600 million in 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 up the country’s reserve position,” part of the brief cited by 3news.com reads.

The Ministry of Finance provided the details as follows:

• The expected US$300 million financing from the First Ghana Resilient Recovery Development Policy Operation (Budget Support) which is currently pending Parliamentary approval might not be disbursed by the Bank when Parliament approves it;
• On-going negotiations on the second Ghana Resilient Recovery Development Policy Operation (DPO) for budget support amounting to US$300 million may be suspended;
• On-going negotiations for US$250 million to support the Ghana Financial Stability Fund may be suspended;
• Disbursement of undisbursed amounts totaling US$2.1 billion for ongoing projects will be suspended; and
• Preparation of pipeline projects and declaration of effectiveness for two projects totaling US 900 millionn may be suspended.

The Ministry cautioned, “The potential loss of these financial resources will create a financing gap in the 2024 budget that the government must address through additional domestic revenue mobilization and a significant reduction in expenditure.  Failing this, the Government’s ability to achieve the targets in the 2024 Budget will be undermined and the IMF-ECF Programme is likely to be derailed.”