Ghana’s ministry of finance has advised against the controversial anti-LGBTQ+ bill, saying it could see the West African country lose almost $3.8bn (£2.9bn) in World Bank funding over the next five years.
The draconian bill, which prescribes a three-year jail term for people who identify as LGBT+ and five years for promoting their activities, was passed by parliament last week.
The ministry of finance has recommended that President Nana Akufo-Addo does not sign the bill into law until the country’s Supreme Court rules on whether it aligns with Ghana’s constitution or not.
In a statement issued on Monday, the finance ministry said Ghana could lose about $850m in support this year alone.
Officials say this would negatively impact an already struggling economy, reduce the country’s foreign reserves, and affect exchange rate stability.
Ghana is under a three-year IMF bailout support programme, and there are concerns that any shortfall in funding from the World Bank and other donors could derail the economic recovery.
The bill has been widely condemned by the UK and the US, while rights groups have described it as regressive.
Ghana’s president has seven days after receiving the bill to decide whether to assent to it or not and 14 days to give reasons for his decision.
Mr Akufo-Addo is reported to be holding meetings with key ministries and development partners to assessment the potential impact of the bill.
Human rights groups in Ghana have vowed to challenge the anti-LGBT legislation in court.