An Economist at the University of Ghana Business, Dr. Patrick Asuming, has criticized the Finance Ministry's recent statement urging the president Akufo-Addo not to sign the anti-gay bill, citing potential adverse financial effects on Ghana's economy.

He argued that the Finance Ministry's intervention was premature and emphasized that it is not their role to instruct the president, as the people of Ghana, through their parliamentary representatives, were aware of the bill's nature during the passage.

In an interview with Beatrice Adu on 3FM's mid-day news on March 4, Dr. Asuming stated that the Finance Ministry should not assume that Ghanaians, through their representatives, were unaware of the legislation they were passing.

While acknowledging the potential financial implications, he stressed that it is not the Finance Ministry's place to pressure the president to override the expressed sentiments of the Ghanaian people through Parliament.

“Right from the beginning we have heard from the same development partners sounding the warning of what may happen when the bill is passed but we have to understand that the Finance Ministry cannot use its position as Finance Ministry to stampede the process and to tell the president to override the feelings of the ordinary Ghanaians as expressed through the Parliament of Ghana.

“So while the possible financial implications may be real I don’t think it is in the place of the Finance Ministry to tell the president not to sign the bill that the people who have passed.

“Don’t forget that Ghanaians are economic beings but we are also social beings, we are political beings, and cultural beings and it is for Ghanaians to decide if. If you say this bill has economic implications it is for Ghanaians to decide which cause of action to take.”

Dr. Asuming reminded that Ghanaians are not only economic beings but also social, political, and cultural beings, and the decision on the bill should be made collectively. He highlighted the importance of Ghanaians deciding the appropriate course of action, considering the bill's economic implications.

The Ministry of Finance, on March 4, outlined the dire consequences of the president assenting to the anti-LGBTQ+ Bill, including a potential loss of significant financial support from international institutions like the World Bank. The Ministry detailed the possible impact on budget support, financial stability funds, ongoing projects, and pipeline projects, cautioning that the loss of these financial resources could lead to a financing gap in the 2024 budget, requiring additional domestic revenue mobilization and substantial expenditure reduction.