The International Monetary Fund (IMF) has expressed its concern regarding recent developments in Ghana following the approval of a bill proposing imprisonment for individuals identifying as LGBTQ.

In a statement from its Washington headquarters, the IMF underscored its dedication to diversity and inclusion, highlighting these principles as essential within the organization.

The IMF emphasized its internal policies against discrimination based on personal characteristics, including gender, gender expression, or sexual orientation, noting that economies embracing diversity tend to flourish.

The bill, passed with bipartisan support, not only criminalizes LGBTQ identification but also targets the financing of LGBTQ groups and sanctions discrimination against them. President Nana Akufo-Addo's approval is necessary for the bill to become law.

While acknowledging the significance of the situation, the IMF refrained from commenting on the bill until it is signed into law, stressing the importance of thoroughly assessing its economic and financial implications.

Ghana's financial stability, closely linked to IMF assistance amid debt restructuring, adds complexity to the situation. The IMF had agreed to release a second tranche of $600 million to Ghana earlier this year.

Following the news of the anti-LGBTQ legislation, Ghana's dollar bonds experienced a decline, ranking as the second-worst performers in a Bloomberg index monitoring emerging-market sovereign hard-currency debt.

All 14 of Ghana's dollar notes saw a drop in value, with bonds maturing in 2034 experiencing the most significant impact, reaching their lowest level since January 12.