Ghana's economy will be doomed if anti-gay bill is assented into law – US Professor

A United States-based Democracy Scholar at Hoover Institute and Stanford University, Professor Larry Diamond has cautioned of dire economic consequences should Ghana assent the controversial anti-LGBTQ+ bill into law.

According to him, any attempts to pass the bill into law would be economically catastrophic for Ghana and the investment climate.

Speaking in an interview on Accra-based Citi TV’s Point of View program, the US-based Professor explained that foreign investors, would for instance, place significant restrictions on Ghana on the basis that the country is infringing on the rights of a minority group.

He also argued that assenting the bill into law would ward off potential investors who are seeking to make investments into the country.

“I would remind people of what some friends of Ghana have been saying. This act will be a disaster for Ghana economically [if assented into law]. Because Western companies are not going to come and invest in a country that is pummeling minority rights," the US-based Professor said.

“The extreme religious rights have failed to achieve this religious agenda in the United States. And so now they are coming to Africa to try and push the agenda. People who complain about neo-colonialism? Shouldn’t they be asking questions about this?" Professor Diamond questioned.

Meanwhile, the Ministry of Finance has outlined the potential economic implications of passing the anti-gay bill into law. In a recent memo issued, the Ministry said Ghana risks losing about US$3.8 billion in funding over the next five to six years.

The Ministry also urged the President to defer signing the anti-LGBTQ+ bill into law citing a wave of economic implications that could derail economic gains made towards restoring macroeconomic stability.

MA/NOQ

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