Africa
Anti-gay, Lesbian bill: Ghana to lose $3.8billion world bank funding
Anti-gay, Lesbian bill: Ghana to lose $3.8billion world bank funding
The Ghanian government is posed to lose the total of $3.8 billion in World Bank funding over a recent Anti-LGBTQ bill passed by its parliament last week.
The finance ministry of Ghana has appealed to the president to withhold his signature from the contentious bill against LGBT rights, which was approved by parliament.
According to the BBC, the financial authorities in Ghana is suggesting that President Nana Akufo-Addo postpone the enactment of the bill until a Supreme Court decision verifies its compliance with the constitution.
Meanwhile, human rights organizations filed a legal challenge against the bill even before its approval by parliament, though it’s anticipated that the Supreme Court won’t hear the case for a while.
The US, UK and various human rights groups have already condemned the bill, which was backed by both of Ghana’s two main political parties.
On his part, Akufo-Addo is said to be engaging in consultations with important governmental departments and donors to gauge the effects of the Proper Human Sexual Rights and Ghanaian Family Values legislation.
According to the IMF, diversity and inclusion are values it embraces.
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“Our internal policies prohibit discrimination based on personal characteristics, including but not limited to gender, gender expression, or sexual orientation. Like institutions, diverse and inclusive economies flourish.
“We are watching recent developments in Ghana closely.
“We cannot comment on a bill that has not yet been signed into law and whose economic and financial implications we have yet to assess,” IMF told Bloomberg in response to the bill.
What you should know
Ghana heavily leans on the IMF for its financial well-being. In the aftermath of a debt default, it requested a $3 billion lifeline and is now involved in the process of rearranging its debt obligations.
On January 19, the IMF sanctioned the disbursement of an additional $600 million to Ghana as part of its three-year crisis intervention plan.
Meanwhile, officials warn that Ghana might forfeit around $850 million in aid this year with the recent bill, a loss expected to further strain the struggling economy, deplete foreign reserves, and impact the stability of the exchange rate.
Uganda adopted a similar policy the last year, imposing stricter penalties that include life imprisonment and even the death penalty. Following this, the nation was subjected to severe economic sanctions from diverse international groups.
The World Bank then stopped its financial support for Uganda in response to concerns over human rights, specifically regarding the country’s anti-homosexuality law.
The United States also removed Uganda from the Africa Growth and Opportunity Act (AGOA), a trade initiative started in 2000 aimed at enhancing economic ties between the U.S. and African nations.
Anti-gay, Lesbian bill: Ghana to lose $3.8billion world bank funding
Africa
Ex-Liberian warlord, Prince Johnson, dies at 72
Ex-Liberian warlord, Prince Johnson, dies at 72
Prince Johnson, a former Liberian warlord infamous for his role in the gruesome killing of ex-president Samuel Doe during Liberia’s civil war, has died at the age of 72.
“It is true that he died this morning,” confirmed family member Moses Ziah to Reuters on Thursday.
Family spokesperson Wilfred Bangura also verified that Johnson, who had been managing high blood pressure, passed away earlier in the day.
Johnson gained international notoriety during Liberia’s brutal civil wars, which spanned from 1989 to 2003 and left over 200,000 dead, with thousands more subjected to rape and mutilation. More than one million people were displaced by the violence.
His rise to infamy was cemented in 1990, when a widely circulated video showed him presiding over the torture and execution of President Doe. The footage captured Johnson drinking beer and watching as his men cut off Doe’s ear before killing him.
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In later years, Johnson expressed remorse for Doe’s murder and sought to reconcile with the late president’s family.
Despite being named by Liberia’s Truth and Reconciliation Commission as one of those responsible for war crimes—including killings and sexual violence—Johnson was never prosecuted.
After the war, he transitioned into politics, becoming a senator for Nimba County in 2006. Over the years, Johnson wielded considerable influence in Liberia’s presidential elections.
In 2011, he endorsed former President Ellen Johnson Sirleaf, and in 2017, he supported George Weah in his victory over Joseph Boakai. By 2023, however, Johnson had switched allegiance back to Boakai, who defeated Weah in a run-off election.
Ex-Liberian warlord, Prince Johnson, dies at 72
Africa
ECOWAS small business group proposes railway corridor for member states
ECOWAS small business group proposes railway corridor for member states
Micro, Small, and Medium Enterprises (MSMEs) in the ECOWAS region, under the ECOWAS Small Business Coalition (ESBC), have called for the establishment of a railway corridor linking all member countries, alongside the existing road network.
The proposal was made at the end of their inaugural exhibition and workshop, which took place from November 21 to November 23 in Abidjan, Ivory Coast.
According to the News Agency of Nigeria (NAN), the event, organized by the ESBC in partnership with the ECOWAS Commission and Ivory Coast’s Ministry of Commerce and Industry, brought together small business operators from across the region.
The coalition highlighted the challenges faced by SMEs in transporting goods and services within the ECOWAS subregion.
They emphasized the need for better communication and a clearer understanding of cross-border trade obligations, as well as improvements in the movement of goods and people.
While ECOWAS has confirmed the free movement of goods and people under existing protocols, it clarified that such movements still require compliance with formalities and customs duties.
Addressing transportation and trade barriers
NAN reports that during the workshop, members of the ESBC presented a range of proposals to address transportation challenges.
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They called for an end to cross-border harassment and corruption, which they attributed to the imposition of unnecessary taxes.
They also suggested that local Small Business Coalitions (SBCs) should be empowered to issue certificates of origin to entrepreneurs to streamline trade processes.
Additionally, the coalition proposed the establishment of online training platforms for SBCs to enhance their capacity to support SMEs.
Proposals for improving access to information and financing
- The coalition also noted the importance of access to information for the success of SMEs and urged them to take advantage of policies such as the African Continental Free Trade Area (AfCFTA) and ECOWAS frameworks.
- They called for greater awareness of these initiatives to help SMEs navigate trade barriers.
- Furthermore, reports inform that the coalition underscored the need for the harmonization of fiscal policies across the ECOWAS region and advised SMEs to choose suitable business models and consult advisory firms for better guidance.
Innovation and sustainable development for SMEs
- The coalition also discussed the need for greater innovation and sustainability in the region’s SMEs to enhance their competitiveness.
- They proposed training programs focused on certification, efficient technology transfer, and increased research to help businesses expand across borders.
- Despite the availability of financing mechanisms for SMEs, the coalition pointed out that many small businesses struggle to access these funds due to inadequate resources and poor absorption capacity.
- In response, they suggested focusing on promoting new business models suited to African realities and learning from the BRICS nations’ approach to economic development.
Future initiatives for strengthening SMEs
- ESBC proposed several initiatives to further support SMEs in the region.
- These included the creation of an ESBC television network to raise awareness, the establishment of a dedicated bank for SME financing, and the development of strategies to encourage a common currency within ECOWAS.
- They also called for the removal of customs and monetary barriers and the establishment of international shipping lines to improve logistics. To address the needs of landlocked countries, the coalition proposed facilitating better access to ports for these nations.
- The ESBC concluded that substantial work remains to be done to enhance the competitiveness and growth of SMEs in the ECOWAS region, particularly in the areas of innovation, financing, and cross-border trade facilitation.
ECOWAS small business group proposes railway corridor for member states
Africa
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