By Ghana Eye Report
Deputy Minister for Finance, Thomas Nyarko Ampem says the approval of the Electronic Transfer Levy or e-levy by the country’s legislative body will return an amount of GH₵ 2 billion to Ghanaians.
He commented on the floor of Parliament on Wednesday after the legislative body had voted to approve the Electronic Transfer Levy (Repeal) Bill.
According to him, the removal of the nuisance tax, the e-levy, will put monies in the pockets of Ghanaians and bring about much economic relief to the people.
“Mr. Speaker, the abolition of the e-levy will effectively return GH₵ 2 billion to the people, helping to ease financial pressures and improve livelihoods,” said Nyarko Ampem.
The much-talked-about levy was introduced by the then Nana Addo Dankwa Akufo-Addo-led government in 2022.
The e-levy, which initially imposed a 1.57 percent tax on electronic transactions before being reduced to 1 percent, affected mobile money (Momo) payments, bank transfers, and inward remittances.
The tax faced widespread criticism from the Ghanaian public and some key industry players in the financial sector who warned the levy could discourage digital transactions as well as place an additional financial burden on the people.
After winning the 2024 presidential election, John Dramani Mahama in a document titled: “Mahama’s first 120 days social contract with the people of Ghana,” said, “Within my first 90 days in office, scrap the following draconian taxes to alleviate hardships and ease the high cost of doing business: E-levy, COVID levy, 10 percent levy on bet winnings, and Emissions levy.”
The bill, which is pending presidential assent, according to the minister, aligns with the government’s broader goal of promoting financial inclusion and digital transactions without imposing extra costs on the people.
With the approval of the Electronic Transfer Levy (Repeal) Bill 2025, by Parliament, the country’s financial sector is expected to experience an increase in electronic transactions, supporting digital commerce, and stimulating economic growth. Enditem
Source: Ghana Eye Report
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