Economist Prof Lord Mensah has questioned the rationale behind the Ministry of Finance’s statement for President Nana Akufo-Addo not to assent to the anti-LGBTQI+ bill.
The senior lecturer at the University of Ghana Business School (UGBS) says he cannot comprehend why the Ministry will put money ahead of protecting the Ghanaian culture and values.
“We must show the Western world we can be independent economically. If they say they won’t lend support, we will not starve to death. There is no cause for alarm,” he said.
In a statement on March 4, the Ministry asked the President not to sign the Anti-LGBTQ+ Bill into law following its passage on February 28.
The statement bemoaned this could lead to severe repercussions on the country’s financial support from international organisations like the Bretton Woods institutions.
The statement highlighted concerns that the expected US$3.8 billion financing from the First Ghana Resilient Recovery Development Policy Operation (Budget Support), currently awaiting Parliamentary approval, might not be disbursed.
But speaking on Adom FM Burning Issues, Prof Mensah admitted every action comes with economic repercussions.
However, it will be in the best interest of Ghana to lose US$3.8 billion now instead of a generational cost which will be incurred if the bill is not passed.
“The Ministry is panicking given the amounts they are mentioning. There are always economic repercussions but is it is too early to tie the IMF deal to this or predict in this direction
“Losing that money is nothing compared to the generation cost that the LGBTQI+ will create for Ghana. Do we know how much it will cost us to import adult diapers or the medical cost to treat people? We can’t even deal with bed syndrome so how are we going to handle the consequences of LGBTQI+ activities?” he quizzed.
Prof Mensah admonished President Akufo-Addo to be bold in his stance on LGBTQI+ to send a clear signal to the Western world.
“We have our own values and why should we sit for someone in their country to dictate to us? it is not a sign of respect and this goes a long way to prove our dependence on foreign inflow.
“We should take the bull by the horn for the president to sign and he must be bold too because he seems to be wobbling. His statement of waiting for a Supreme Court ruling on the bill is just to buy time and protect his indecision,” he admonished.
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