The proposed legislation prescribes severe penalties, including three years in jail for identifying as LGBT+ and five years for promoting LGBT+ activities. Amidst a significant economic crisis and a recent bailout from the International Monetary Fund (IMF), any reduction in funding from the World Bank and other donors could jeopardize Ghana's ongoing economic recovery.

In an unusual move, the finance ministry's warning was leaked to various media outlets, including the BBC. The advisory suggests that President Nana Akufo-Addo should refrain from signing the bill until the Supreme Court rules on its constitutionality. Human rights groups have already taken the matter to court, but a hearing is unlikely to occur for some time.

President Akufo-Addo has a seven-day window to decide whether to sign the bill into law, with an additional 14 days to provide reasons if he chooses not to do so. Although the Proper Human Sexual Rights and Ghanaian Family Values bill was approved by parliament last week, it has yet to reach the president's desk for assent.

Reports indicate that President Akufo-Addo is engaging in discussions with key ministries and donors to assess the potential impact of the bill. The bill, supported by both of Ghana's major political parties, has already faced condemnation from the US, UK, and various human rights groups.

Last year, the World Bank suspended new loans to Uganda in response to the introduction of anti-LGBT legislation that was even more stringent than the bill passed in Ghana. The IMF, in a statement, expressed its monitoring of developments in Ghana, emphasizing that "diversity and inclusion are values that the IMF embraces."

Ghana is at risk of losing approximately $850 million in support this year alone, a scenario that officials argue will further strain the struggling economy, diminish foreign reserves, and impact exchange rate stability. The controversy surrounding the anti-LGBT bill adds a layer of complexity to Ghana's economic challenges, sparking widespread debate and concerns both locally and internationally.