Total Mobile Money transactions in 2022 hit a record ¢1.07 trillion despite the existence of the Electronic Transaction Levy (E-Levy), the January 2022 Summary of Economic and Financial Data by the Bank of Ghana has revealed.
This is compared with about ¢902.5 billion recorded in 2022
According to the data, the biggest transactions occurred in December 2022 and November 2022, whereby ¢122 billion and ¢117 billion respectively were recorded.
There were fears that the implementation of the E-Levy in May 2022 was going to affect Mobile Money transactions, but that has not been the case.
From the data, Mobile Money transactions have been surging since the implementation of E-levy in May 2022.
It went up to ¢77.4 billion in June 2022, from ¢71.4 billion in May 2022, but stood at ¢77.2 billion in July 2022.
It reached a significant ¢100.2 billion in October 2022, about ¢11.4 billion increase.
A recent survey by the Center for Economics Finance and Inequality Studies revealed that many consumers do not pay E-Levy despite undertaking mobile money transactions.
This is because they reach a gentleman’s agreement” with the vendors to enable them to deposit cash into the wallet of the receiver through a “Mobile Money” merchant account.
In this case, the government will therefore have to listen to concerns by many and bring down the rate of the e-levy further to at least 0.5% in order to prevent consumers from avoiding payment of the levy, whilst raking in more revenue from levy.
Total Mobile Money transactions in 2021 and 2022
MONTHS | 2021 (BILLIONS) | 2022 (BILLIONS) |
January | 67.1 | 76.2 |
February | 67.9 | 76.8 |
March | 82.3 | 90.5 |
April | 83.8 | 87.7 |
May | 86.5 | 71.4 |
June | 89.1 | 77.4 |
July | 99.1 | 77.2 |
August | 81.8 | 87.1 |
September | 81.0 | 88.8 |
October | 80.0 | 100.2 |
November | 82.0 | 117.0 |
December | 82.9 | 122.0 |
Total | 902.5 | 1.072 trillion |
Latest Stories
-
Yaw Nsarkoh: Bit by bit we will understand China
6 hours -
Looted and returned: Asante royal artefacts on display for public viewing at Manhyia Museum
7 hours -
Suspected killer in Kasoa land dispute shooting not a National Security operative
7 hours -
Ghana appoint four Para Athletics coaches in Preparation for Paris 2024
7 hours -
Kumasi Cheshire Home decries inadequate equipment; seeks public support
8 hours -
UCL: Niclas Fullkrug hands Dortmund first leg advange over PSG
8 hours -
GPL: Accra Lions beat Hearts of Oak to go third
9 hours -
Seek higher grounds as rains intensify – GMet warns
10 hours -
May Day: Sam Ankrah promises to prioritise welfare and well-being of workers if elected president
10 hours -
Bawumia plans door-to-door campaign for 2024 polls
10 hours -
GAF condemns ‘unprovoked’ fatal shooting of soldier in Kasoa land dispute
10 hours -
OSP’s request for money laundering probe against Cecilia Dapaah baseless – AG advises EOCO
11 hours -
Obofour Raphael releases ‘Asem Yi Di Ka’ EP
11 hours -
‘Operation Clean Your Surroundings’: Popular Kenkey joint and public toilets in Takoradi shut down
11 hours -
GFA boss Kurt Okraku graces Dreams FC’s dinner to celebrate CAF Confederation Cup exploits
12 hours