He made the argument after the Finance Ministry wrote to President Akufo-Addo, on March 4, advising him to refrain from signing the passed Anti-LGBTQ+ Bill into law.

The Finance Ministry cautioned that such action could lead to severe repercussions on the country’s financial support from the International Monetary Fund (IMF) and the World Bank.

The statement highlighted concerns that the expected US$300 million financing from the First Ghana Resilient Recovery Development Policy Operation (Budget Support), currently awaiting Parliamentary approval, might not be disbursed if the bill is signed into law.

However, Prof. Gatsi said loan agreements signed with the World Bank and the International Monetary Fund do not reflect LGBTQI+ conditions.

“When the IMF deal was signed, there was no condition regarding LGBTQ. The same hold when the World Bank loan was approved by parliament. The only condition was that the legislature must consider the loan and pass it”.

“So to come at this hour indicating that if we go ahead to sign the LGBTQ Bill into law, then all those monies will elude us, does not reflect the terms of the agreement we signed with the IMF and the World Bank”, he said.

He pointed out that the demands made by international donors and organisations do not align with African values and culture.

According to him, the relationship between African governments and the international organisations must be limited to business and partnerships.

“That is the way we can work together. They need us, we need them. That is the situation,” he said.
Professor Gatsi is of the view that Ghana and its leaders need to stand firm when it comes to the values that society hold dear.

“I will not say they are hypocritical at this point. All I will say is that, some of their thinking does not reflect our society and we are reminded to protect our society. That is the difference and they need to get to that point to accept what we are doing” he stated.

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He said Ghana’s industrial sector continues to record low growth despite the implementation of the much-touted industrialisation policy, questioning its contribution to the sector.

Reacting to the 2024 Budget Statement in an interview with the Ghana News Agency (GNA), he noted that Ghana’s industrial sector grew by -2.5 in 2019; 0.9 in 2021; 1.9 in 2022; and -2.2 in the first half of 2023.

“Why should we be implementing the industrialisation policy of the government and then be having this particular record of growth in our industry sector?” he queried.

Prof Gatsi indicated that, the sector would have been in a worse position but for the performance of the oil and gas sector. He therefore stressed the need to prioritise the development of that sector.

The Finance Minister, Mr Ken Ofori-Atta in the 2024 Budget statement projected the country’s economy to exceed GH¢1 trillion in 2024, compared to the GH¢219.5 billion in 2016.

“Mr. Speaker, with such a milestone ahead of us, Government is protecting, at all costs, the foundation for sustained economic expansion; a foundation that has been achieved through the sweat and patience of the Ghanaian people.

“We pledge to protect this for all our people and especially for private sector growth,” he said.

But Prof Gatsi said that given the country’s growth trajectory since 2008, the projected growth was natural and expected.

Rather, he said government should take steps to ensure that the growth was evenly distributed across sectors, generating opportunities and employment, and sufficiently contributing to revenue generation.

“For instance, how much is agriculture contributing? How is the industry faring? And how is service faring? These are the things that should bother our concentration,” he said.

Prof Gatsi further commended government for its decision to intensify property tax collection to shore up revenue.

“The property tax sector is underperforming in terms of revenue. It is an area we need to focus on to get more. So, coming out with a policy to enhance efficiency in the administration and collection of the tax is a laudable initiative,” he added.

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