Economist Professor Charles Godfred Ackah says there are dire economic implications for any country that legalises homosexuality.

This he believes outweighs the foreign aid the nation could lose should it opt to pass laws criminalising LGBTQ+ activities.

Prof Ackah has submitted a memorandum to Parliament’s Constitutional and Legal Affairs committee supporting the proposed Anti-LGBTQ+ Bill.

Contributing to the discussion of the issue on Newsfile on Saturday, he said Ghana has enough resources to survive without foreign aid it could potentially lose should the bill be passed.

There are fears that the West may hit Ghana with all sorts of sanctions should it pass into law the bill criminalising homosexuality.

According to some social commentators, since the country will want to protect its core values on social conduct and morality, it must think of where most of its aid and grants comes from.

So far, no foreign country has responded to the brouhaha about the bill; it has come up in some interviews President Akufo-Addo has had with some international news networks.

Commenting on the economic consequences, Prof Ackah explained that the nation is blessed with enough human and natural resources to ensure survival.

He argued that the developed countries, for economic reasons, did not pass laws allowing homosexuality during the early stages of development due to its economic impact.

“It comes with a cost; the health cost alone is dire. We don’t even have enough budget to fight HIV AIDS. This is going to increase HIV Aids. There is going to be public health challenge. We are not comprehensively insured.

"When they want to do surgery or when they want to do hormone transfer; it’s paid for by the state. We don’t have that kind of thing here. 70% of all people who have AIDS in the US came from men marrying men or having sex," Prof Ackah said.