Business

Govt slashes E-Levy target for 2022 to ¢611m

The controversial Electronic Transaction Levy (E-Levy) has a revised revenue objective from around 4.9 billion to 611 million.

On Monday, July 25, 2022, the Finance Minister, Ken Ofori-Atta, announced this in the 2022 Mid-Year Budget.

The new tax, which many Ghanaians have passionately opposed, has only brought in 93.7 million of the year’s total 1.46 billion dollars.

Data from the Bank of Ghana shows that the amount of Mobile Money transactions, from which the fee is mostly derived, has not decreased much.

When E-Levy was implemented in May 2022, Mobile Money transactions fell by 18.58 percent to ¢71.4 billion.

However, mobile money transactions increased to 77.4 billion in the month of June 2022, an 8.4% increase.

The Bank of Ghana’s data shows that until April 2022, when they began to decline slightly, Mobile Money transactions increased steadily.

In the first four months of this year, Mobile Money transactions totaled 76.2 billion in January 2022, 76.8 billion in February 2022, 90.5 billion in March 2022, and 87.7 billion in April 2022.

 

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