Gov’t taxes Mobile Money transactions (MoMo tax), e-levy to replace road tolls

Gov’t taxes Mobile Money transactions (MoMo tax), e-levy to replace road tolls

Ghana’s finance minister, Ken Ofori-Atta announced the government’s introduction of the electronic transaction levy or the E-levy. The e-levy is a tax imposed on all electronic money transactions, precisely bank electronic money transfer services and Mobile Money transactions.

This new levy affects all money transfers above GHC 100 and is charged at 1.75% per transaction daily. The minister for finance made this announcement during the presentation of the 2022 budget statement and economic policy to parliament on Wednesday, November 17, 2021.

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Moreover, according to Ken Ofori-Atta, the e-levy is to replace the abolishment of road tolls. Thus, motorists will no longer pay road tolls, but all Ghanaians would now be paying e-levy to compensate for that.

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The e-levy takes effect after parliament approves the budget. He said:

“Over the years, the tolling points have led to heavy traffic on our roads and lengthened travel time from one place to another, impacting negatively on time and productivity. The congestion generated at the tolling points, besides creating these inconveniences, also leads to pollution in and around those vicinities.⁠

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“To address these challenges, Government has abolished all tolls on public roads and bridges. This takes effect immediately when the Budget is approved. The toll collection personnel will be reassigned. The expected impact on productivity and reduced environmental pollution will more than off-set the revenue forgone by removing the tolls,” he continued.⁠

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“Mr Speaker, total revenue and grants for 2022 is projected to rise above GHS100 billion for the first time – GHS100.5 billion, equivalent to 20 per cent of GDP up from a projected outturn of GHS70.3 billion, equivalent to 16 per cent of GDP for 2021”, Mr Ofori-Atta concluded.⁠

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