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

Government has reviewed its revenue target for the controversial Electronic Transaction Levy (E-Levy) to ¢611 million, from about ¢4.9 billion.

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

The new tax which many Ghanaians have opposed vehemently has only raked in ¢93.7 million, from the ¢1.46 billion target for the first half of this year.

However, the value of Mobile Money transactions which the levy largely is obtained has not dipped significantly, according to data from the Bank of Ghana.

In the month of May 2022 that E-Levy was implemented, Mobile Money transactions declined by18.58% to ¢71.4 billion.

However, in the month of June 2022, the transactions via Mobile Money went up to ¢77.4 billion, an 8.4% growth.

According to data from the Bank of Ghana, Mobile Money transactions grew consecutively until April 2022 when it dipped slightly.

The Mobile Money transactions in the first four months of this year were January 2022 (¢76.2 billion), February 2022 (¢76.8 billion), March 2022 (¢90.5 billion) and April 2022 (¢87.7 billion) respectively.

Source: Joy Business