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
-
Association of Small-Scale Industries empowers trade executives in Bono East with a mentorship programme
3 minutes -
AMA evacuates refuse along Graphic Road, warns against indiscriminate dumping
8 minutes -
STC interdicts driver over Pokuase overtaking incident
12 minutes -
Ekumfi: How $6m EXIM participation built a $53m industrial asset — now poised for a 24-Hour Economy breakthrough
13 minutes -
4 arrested, 142 parcels of suspected Indian hemp seized as officers reject GH¢50k bribe
14 minutes -
No MMDCE can say they don’t see galamsey – Local Government Ministry
15 minutes -
Ghana, Germany explore stronger partnership in technical and vocational education
21 minutes -
AMA urges motorists and road users to comply with traffic regulations
22 minutes -
Sam George urges One Million Coders participants to complete all three levels
23 minutes -
Communications Minister announces 2,800-site telecom expansion during Volta visit
24 minutes -
Impunity fuelling sexual abuse in Ghana – Angela Dwamena-Aboagye
25 minutes -
NUGS condemns alleged sexual abuse by Obuasi SHTS headmaster, calls for prosecution
29 minutes -
President Mahama urges investors to employ trained local residents as 1,238-acre industrial park takes off
33 minutes -
Media doing its job, but politicians fuelling insults on social media – NMAG president
34 minutes -
Child protection must be the state’s responsibility, not NGOs’ burden – ARK Foundation Boss
40 minutes