A new study by Open for Business has revealed that East African countries are losing substantial amounts of money each year due to anti-LGBTQ laws and discrimination. The study estimates that countries enforcing strict anti-LGBTQ policies, such as Kenya, Uganda, and Tanzania, are experiencing severe financial losses, with some countries losing up to billions of dollars annually.

According to the study, Kenya's LGBTQ discrimination already costs the country $360 million to $1.5 billion annually. However, if the proposed Family Protection Bill 2023 passes, losses could soar to $7.8 billion, as businesses withdraw, foreign aid declines, and healthcare costs rise, worsening economic instability. The bill proposes harsh penalties, including up to 50 years in prison for same-sex acts, and property owners who allow same-sex activity could face a $14,000 fine or up to seven years in jail.

Uganda, which has been condemned internationally for its severe anti-homosexuality law, is estimated to be losing $586 million to $2.4 billion per year. The law, signed into effect by President Yoweri Museveni last May, has led to visa restrictions on Ugandan officials and the suspension of World Bank funding over human rights concerns. The country's tourism, international aid, and trade have all been affected by the law.

Tanzania, which has strict anti-LGBTQ laws with punishments including life imprisonment, is losing up to $1.1 billion annually due to LGBTQ-related discrimination. The government's crackdowns on LGBTQ individuals, including shutting down HIV/AIDS clinics and arresting activists, have hurt the country's reputation, discouraging foreign investment and tourism.

Rwanda, which is one of the few African nations that do not criminalize gay sex, is still losing up to $45 million annually due to barriers LGBTQ individuals face in employment, healthcare, and social inclusion. Despite positioning itself as a progressive investment hub, the country's social stigma and limited legal protections for LGBTQ individuals contribute to economic setbacks.

The study's findings highlight the significant economic costs of anti-LGBTQ discrimination, which go beyond human rights concerns. The losses incurred by these countries could be invested in other areas, such as education, healthcare, and infrastructure development, to promote economic growth and stability.

The study's results also underscore the need for East African countries to re-evaluate their anti-LGBTQ laws and policies, not only to promote human rights but also to boost their economies. By doing so, these countries can attract more foreign investment, increase tourism, and improve their international reputation.

In conclusion, the study by Open for Business provides a stark reminder of the economic consequences of anti-LGBTQ discrimination in East Africa. As the region continues to grapple with economic challenges, it is essential for governments to consider the long-term benefits of promoting inclusivity and equality for all citizens, regardless of their sexual orientation or gender identity.