Ghana Scraps Controversial E-Levy: Mobile Money and Bank Transfers Just Got a Whole Lot Cheaper

Parliament of Ghana has officially abolished the Electronic Transfer Levy, commonly known as the E-Levy, which imposed a tax on electronic financial transactions in the Country.

This move is expected to bring significant financial relief to Ghanaians, who had been bearing the brunt of the levy since its introduction in 2022.

The E-Levy, which was initially set at 1.75% before being revised to 1%, had been widely criticized for placing an additional financial burden on citizens and discouraging digital transactions.

During parliamentary debates on the repeal bill, Deputy Finance Minister Thomas Nyarko Ampem emphasized the positive impact of abolishing the E-Levy, stating that it will effectively return GH¢2 billion to the people, easing financial pressures and improving livelihoods. This move aligns with the NDC’s government efforts to promote financial inclusion and encourage the use of digital payment platforms without imposing additional costs on users.

The repeal of the E-Levy is a significant development for the country’s financial sector, which is expected to witness increased electronic transactions, boosting digital commerce and economic growth.

Many business owners, mobile money agents, and financial analysts had previously criticized the levy, citing its negative impact on digital transactions and financial accessibility. Undoubtedly, with the abolishment of the E-Levy, Ghanaians can now enjoy relief on mobile money and bank transfers, promoting a more inclusive and vibrant digital economy.