Finance

Germany, others threatening to demand Ghana’s debt repayment over anti-LGBT+ bill

Freddie Blay, a former national chairman of the governing New Patriotic Party (NPP), has disclosed that Germany and other nations are contemplating demanding debt repayments if President Nana Addo Dankwa Akufo-Addo signs the anti-LGBT+ bill into law.

Blay disclosed that the move is a protest against the LGBT+ bill, which they deem discriminatory and against human rights principles.

“The reality is that we depend on international bodies for financial assistance, we go and borrow money from them and we pay …Germany I am aware of…says if we impose such bill, we will demand our payment on loans and no compromise on that and many other countries have said similar, IMF itself has made it clear on some of the conditions,” he said in an interview with Oyerepa TV on March 8, 2024.

The Ministry of Finance, this week, issued a stern warning to President Akufo-Addo, cautioning him against giving assent to the anti-LGBT+ bill.

According to a 5-page document released by the ministry, Ghana stands to lose a substantial amount of financial support, particularly jeopardizing $3.8 billion in World Bank financing.

The document elaborates on the potential financial repercussions, stating that in 2024 alone, Ghana could lose US$600 million in budget support and an additional US$250 million earmarked for the Financial Stability Fund.

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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