The International Monetary Fund is monitoring the outcome of a court challenge to Ghana’s draconian anti-LGBTQ bill, according to its Managing Director Kristalina Georgieva.
There have been concerns that the bipartisan bill, which seeks up to three years in jail for people who identify as LGBTQ, could jeopardize Ghana’s access to vital international funding if it becomes law. The West African nation secured a $3 billion bailout from the IMF last year after defaulting on its debt, which it is restructuring.
“At this point, what we know is that citizens in Ghana have challenged the constitutionality,” of the proposed law, Georgieva told journalists in the capital, Accra. “I will not comment on the details of the bill. Let’s see what the court have to say.”
Ghana has faced criticism from some of its development partners since lawmakers passed the bill, which still requires presidential assent, casting a cloud over the economy’s prospects for recovery.
If it’s endorsed by the president, it could jeopardize $3.8 billion of World Bank funding, according to the Finance Ministry. The anti-LGBTQ law could derail the IMF program, the ministry said.
Georgieva credited the IMF program for Ghana’s improved performance. The economy is estimated to have expanded 2.3% in 2023 compared to an earlier forecast of 1.5%. Last year’s average annual inflation rate was 23%, compared with the IMF’s 27% forecast, she said.