Saturday, July 13, 2024
HomeRegionalGhana’s President assents to e-levy bill as panic withdrawals surge

Ghana’s President assents to e-levy bill as panic withdrawals surge

– –

Ghana’s President Nana Akufo-Addo has signed the country’s controversial Electronic Transaction Levy (E-Levy) bill into law paving way for its implementation.

The country’s parliament on Tuesday passed the bill popularly referred to as E-levy to cover electronic transactions including mobile money transfers and payments.

The passage in parliament though was done amid a walkout by opposition lawmakers who have opposed the bill since its introduction.

Last year when the bill was introduced as part of the 2022 budget statement by the country’s Finance Minister Ken Ofori Atta it sparked fury among many Ghanaians.

Its passage in parliament stalled several times and even led to brawls among lawmakers.

– –

The rate for the levy was reviewed downward from initial 1.75% to 1.5%. The government said the implementation of the law will start next month when the Ghana Revenue Authority completes the necessary processes.

According to the government the E-levy would widen the tax net and raise an extra GH¢6.9 billion ($914 million) in 2022.

The Minority lawmakers in Ghana have filed a suit at the Supreme Court, to challenge the passage of the levy, insisting parliament did not have the numbers to pass it.

Threats of strikes and withdrawals 

The Mobile Money Agents Association of Ghana has said that most of its members may shut down their mobile money businesses following the passage of the 1.5% Electronic Transfer Levy.

– –

“We may be tempted to withdraw our services because the service already is not all that lucrative,” the General Secretary for the association, Evans Otumfour, said.

“A lot of our people will definitely be out of business… when the policy was announced, there was a sharp decline or drop in the use of mobile money,” he added.

Some mobile money users are also threatening to withdraw monies in their wallets to avoid paying the controversial levy.

Some traders who also use mobile money have also hinted that they will also stop accepting mobile money when the implementation starts.

Ghana’s decision to tax mobile money transactions sparks outrage


Source: Africa Feeds

Maravi Post Reporter
Maravi Post Reporter
Op-Ed Columnists, Opinion contributors and one submissions are posted under this Author. In our By-lines we still give Credit to the right Author. However we stand by all reports posted by Maravi Post Reporter.
- Advertisment -

Most Popular

Recent Comments

Sylvester Movette zunda on Mali wedding attack kills 21
James Hastings Chidule on Malawi’ fistula recovery at 86%
WELLINGTON WITMAN MOSELIJAH LUNDUKA on The history of Ngoni Maseko in Malawi
Lisa Frank on Home
azw3 on Home
Define Regtech on Home
Tobias Kunkumbira on Malawi to roll out Typhoid vaccine
arena plus nba standings 2022 to 2023 ph on Home
David on Home
마산출장 on Home
Cristina Thomas on Home
Alicia Alvarado on Home
The History of online Casinos – Agora Poker – hao029 on The History of online Casinos
Five factors that will determine #NigeriaDecides2023 - NEWSCABAL on Leadership Is Difficult Because Governance Is Very Stubborn, By Owei Lakemfa
Asal Usul Texas Holdem Poker – Agora Poker – hao029 on The Origins of Texas Holdem Poker
Malawi has asked Mike Tyson to be its cannabis ambassador - Techio on Malawi lawmaker Chomanika against Mike Tyson’s appointment as Cannabis Brand Ambassador over sex offence
Finley Mbella on Brand Chakwera leaks Part 1
Maria Eduarda Bernardo on The 2021 Guide to Trading Forex Online
Atsogo Kemso, Political Foot Soldier on Why MCP and UTM Alliance Will Fail
Em. Prof. Willem Van Cotthem - Ghent University, Belgium on Malawi army, National bank cover Chilumba barrack with trees
Christopher Murdock on Why dating older woman is dangerous?
Samantha The Hammer on Why dating older woman is dangerous?
Pedegu on