All MoMo transactions should be charged with E-Levy – Finance Minister

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The Electronic Transfer Levy (E-Levy), which is now imposed at a rate of 1.5 percent, will be reduced to 1.0 percent, according to a proposal made by Finance Minister Ken Ofori-Atta.

Ofori-Atta suggested removing restrictions on transfers that will trigger the charge in addition to the rate decrease.

“Review the E-Levy Act and more specifically, reduce the headline rate from 1.5% to one percent (1%) of the transaction value as well as the removal of the daily threshold,” Ofori-Atta stated.

This implies that all electronic money transfers will incur fees should the budget be approved.

In other words, the restriction that only transactions that total more than GHC 100 per day qualify for E-Levy deductions would be lifted.

So, even if you send only GHC 5, GHC 1, or GHC 50, E-Levy will be applied.

A proposal to increase the value-added tax (VAT) by 2.5 percent was also made public by Ken Ofori-Atta.

Mr Ofori-Atta added “Mr. Speaker, we will undertake the following actions, initiatives, and interventions under the seven-point agenda. To aggressively mobilize domestic revenue, we will among others: Increase the VAT rate by 2.5 percent to directly support our roads and digitalization agenda; Fast-track the implementation of the Unified Property Rate Platform programme in 2023”.


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