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
-
Paris 2024: Opening ceremony showcases grandiose celebration of French culture and diversity
1 hour -
How decline of Indian vultures led to 500,000 human deaths
2 hours -
Paris 2024: Ghana rocks ‘fabulous fugu’ at olympics opening ceremony
2 hours -
Trust Hospital faces financial strain with rising debt levels – Auditor-General’s report
3 hours -
Electrochem lease: Allocate portions of land to Songor people – Resident demand
3 hours -
82 widows receive financial aid from Chayil Foundation
3 hours -
The silent struggles: Female journalists grapple with Ghana’s high cost of living
3 hours -
BoG yet to make any payment to Service Ghana Auto Group
3 hours -
‘Crushed Young’: The Multimedia Group, JL Properties surprise accident victim’s family with fully-furnished apartment
4 hours -
Asante Kotoko needs structure that would outlive any administration – Opoku Nti
4 hours -
JoyNews exposé on Customs officials demanding bribes airs on July 29
5 hours -
JoyNews Impact Maker Awardee ships first consignment of honey from Kwahu Afram Plains
6 hours -
Joint committee under fire over report on salt mining lease granted Electrochem
6 hours -
Life Lounge with Edem Knight-Tay: Don’t be beaten the third time
6 hours -
Pro-NPP group launched to help ‘Break the 8’
7 hours