The Catholic Bishops Conference has threatened to punish the governing New Patriotic Party (NPP) in the upcoming election if President Akufo-Addo refuses to sign the Anti-LGBTQ+ bill into law.

This stance is maintained despite concerns raised by the Finance Ministry, warning that such a move could jeopardize Ghana’s chance of receiving GHS3 billion from the World Bank.

In the 5-page document, the Ministry explained that “for 2024 Ghana will lose US$600 million Budget support and US$250 million for the Financial Stability Fund.”

“This will negatively impact Ghana's foreign exchange reserves and exchange rate stability as these inflows are expected to shore the country's reserve position.

Over the next six years, the Ministry explained that “Ghana is likely to lose US$3.8 billion in World Bank Financing.”

• Read also: Don’t assent to Anti-LGBTQ+ Bill – Finance Ministry tells Akufo-Addo

But the Catholic Bishops insist the bill must become law.

According to Very Rev Fr Clement Kwasi Adjei though concerns over whether or not to incarcerate suspects are welcome, “it doesn’t mean that the LGBTQ activities, we should support it.”

“We will speak and we will continue to keep speaking against what we think is wrong. If the President refuses to sign, and you know the implication for him [Nana Akufo-Addo] and his party. [I'm referring to] elections, voting… these things must not be hidden. We work in the villages, people are listening.

It comes in the wake of warnings by the United States of dire implications for the Ghanaian economy after Parliament enacted a Proper Human Sexual Rights and Ghanaian Family Values Bill.

Already, some human rights groups in Ghana have threatened to head to the Supreme Court if President Akufo-Addo gives assent to the Proper Human Sexual Rights and Ghanaian Family Values bill passed on Wednesday.

On the back of all these, the Finance Ministry is urging the President to engage stakeholders including faith-based organisations to communicate the bill's implications.

Aside from that, it called for effective engagement with conservative countries including Arab countries and China.

"This could help trigger resources to fill in the potential financing gaps to be created."