E-Levy Should Be Reduced Drastically – Seth Terkper

Financial Analyst, Seth Terkper, has said the Electronic Transfer Levy (E-levy) would help in revenue mobilization, though the percentage is high.

He is of the view that the government should look at reducing the percentage to bring in more people.

”Government should reduce it drastically; otherwise,  when people switch to other mediums of transaction, momo would be negatively affected and it would be against the government”, Mr. Terkper posited.

In order to ensure a smooth implementation of the revised Electronic Transfer Levy (E-Levy) rate of one percent, effective Wednesday, January 11, 2023, the Ghana Chamber of Telecommunications says it is collaborating with the Ghana Revenue Authority, GRA, Electronic Money Issuers or Operators of Mobile Money Services, and other key institutions.

The Electronic Transfer Levy, Amendment Act, 2022, Act 1089, which was approved by Parliament and received the President’s assent, states that the levy on electronic transfers has been cut from 1.5 percent to one percent while the 100 cedi threshold stays the same.

In a statement, the Chamber assured the public that, as the voice of mobile operators and tower firms, it would collaborate with all interested parties to maximize the socioeconomic advantages of mobile money services in the nation.