Emerging Markets Investors Alliance: anti-LGBTQI Bill will put pressure on state finances
In a memorandum to Parliament, the coalition outlines the potential economic consequences of Ghana’s proposed anti-LGBTQI Bill
The Emerging Markets Investors Alliance says the expansive nature of the anti-LGBTQI Bill, including the criminalisation of people and organisations defined as “allies”, will place many investors and companies at odds with their published commitment to human rights.
The Emerging Markets Investors Alliance is a coalition of private companies and investors that works with emerging markets asset managers to support good governance, promote sustainable development, and improve investment performance in the governments and companies in which they invest.
In a memorandum to Parliament, the coalition said: “Before discussing the economic impacts of the legislation, we must first object to the bill’s textual claims of compliance with the UN SDGs [Sustainable Development Goals], overtly cited within the text. This law [the anti-LGBTQI Bill], by explicitly targeting a marginalised population, is a discriminatory law at odds with international human rights.”
The coalition added, “We resolve that discriminatory laws will transmit to the economy through: (1) reduced access to capital, (2) lower foreign direct investment, (3) damaged international reputation (trade, tourism, aid), and (4) decreased human capital.
“As Ghana recovers from the economic damage caused by the pandemic, this legislation will unnecessarily put pressure on government finances, exchange rate stability, the growth outlook, and the country’s development agenda at large.”
Read the full memorandum below:
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