Finance

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.

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. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. 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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