Economist, and Dean of the University of Cape Coast (UCC) Business School, Prof John Gatsi has argued that the Bretton Woods institutions cannot penalize Ghana, and withdraw financial assistance to the country based on factors such as passing a law against LGBTQ+.
He made the argument after the Finance Ministry wrote to President Akufo-Addo, on March 4, advising him to refrain from signing the passed Anti-LGBTQ+ Bill into law.
The Finance Ministry cautioned that such action could lead to severe repercussions on the country's financial support from the International Monetary Fund (IMF) and the World Bank.
The statement highlighted concerns that the expected US$300 million financing from the First Ghana Resilient Recovery Development Policy Operation (Budget Support), currently awaiting Parliamentary approval, might not be disbursed if the bill is signed into law.
However, Prof. Gatsi said loan agreements signed with the World Bank and the International Monetary Fund do not reflect LGBTQI+ conditions.
“When the IMF deal was signed, there was no condition regarding LGBTQ. The same hold when the World Bank loan was approved by parliament. The only condition was that the legislature must consider the loan and pass it”.
“So to come at this hour indicating that if we go ahead to sign the LGBTQ bill into law, then all those monies will elude us, does not reflect the terms of the agreement we signed with the IMF and the World Bank”, he said.
He pointed out that the demands made by international donors and organisations do not align with African values and culture.
According to him, the relationship between African governments and the international organisations must be limited to business and partnerships.
“That is the way we can work together. They need us, we need them. That is the situation,” he said.
Professor Gatsi is of the view that Ghana and its leaders need to stand firm when it comes to the values that society hold dear.
“I will not say they are hypocritical at this point. All I will say is that, some of their thinking does not reflect our society and we are reminded to protect our society. That is the difference and they need to get to that point to accept what we are doing.”
Credit: Joy Business