Audio By Carbonatix
The government has reduced the Electronic Transfer Levy rate from 1.5% to 1%.
This, according to the government, will allow more Ghanaians to use the service.
However, the daily transaction threshold of ¢100 has also been removed.
This was announced by the Finance Minister, Ken Ofori-Atta on Thursday, November 24, during the 2023 budget presentation.
“Review the E-Levy Act and more specifically, reduce the headline rate from 1.5% to 1% of the transaction value as well as removal of the daily threshold," Ken Ofori-Atta said.
The Electronic Transfer Levy Act, 2022 (Act 1075) was controversially passed in March 2022 and imposes a levy of 1.5% on electronic transfers.
The 1.5% rate was a downward revision from the initially proposed 1.75%.
Mobile money transactions between 2017 and 2021 increased from ¢1.55 billion to GH¢9.86 billion, but the figure has drastically reduced.
Latest Stories
-
See the areas that will be affected by ECG’s planned maintenance today, Sunday, March 29
29 minutes -
Flood alert: GMet warns of dangerous downpours across Ghana today
1 hour -
‘Groundbreaking but an uphill struggle’ – Amanda Clinton breaks down UN slavery resolution
2 hours -
Otumfuo demands year-end completion for stalled KNUST hospital
2 hours -
Sir Sam Jonah slams political interference in insurance industry
3 hours -
Yemen’s Houthis enter Iran war with attacks on Israel, while US Marines arrive in region
4 hours -
Potential Houthi threat to Red Sea shipping could further damage global economy
5 hours -
Sir Sam Jonah unveils five-point plan to boost Ghana’s insurance industry
6 hours -
Abstention not a rejection of Ghana’s slavery resolution — EU
6 hours -
‘DDEP was a big blow; full recovery not achieved yet’ – Sir Sam Jonah
7 hours -
The hypocrisy of the global north and the truth about the Transatlantic Slave Trade
7 hours -
2,280 students graduate with B-Tech, M-Tech from Takoradi Technical University
7 hours -
“We are losing ourselves” – Special Prosecutor laments cultural erosion in Ghana’s education system
8 hours -
‘We were trained to serve, not lead’ – Special Prosecutor condemns colonial education legacy
9 hours -
Education must preserve identity and drive innovation – Special Prosecutor
9 hours