The government has lowered the 1.5% to 1% Electronic Transfer Levy rate.
The government claims that more Ghanaians will be able to use the service as a result.
The daily transaction cap of 100 has also been eliminated, though.
This was disclosed on Thursday, November 24, during the introduction of the 2023 budget by Finance Minister Ken Ofori-Atta.
“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.
In March 2022, the Electronic Transfer Fee Act, 2022 (Act 1075), which imposes a 1.5% levy on electronic transfers, was controversially passed.
The fee was reduced from the initially intended 1.75% to 1.5 percent.
Between 2017 and 2021, mobile money transactions climbed from GH1.55 billion to GH9.86 billion, but the amount has since sharply decreased.
Akua Karle Okyere
Akua Karle Okyere is a lifestyle blogger at The Vocal Ghanaian and also a PR technician. She enjoys researching on travels and tours and writing fictional stories in her leisure time.
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