The government has reduced the Electronic Transfer Levy rate from 1.5% to 1%.
This, according to the government, will allow more Ghanaians to use the service.
However, the daily transaction threshold of ¢100 has also been removed.
This was announced by the Finance Minister, Ken Ofori-Atta on Thursday, November 24, during the 2023 budget presentation.
“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.
The Electronic Transfer Levy Act, 2022 (Act 1075) was controversially passed in March 2022 and imposes a levy of 1.5% on electronic transfers.
The 1.5% rate was a downward revision from the initially proposed 1.75%.
Mobile money transactions between 2017 and 2021 increased from ¢1.55 billion to GH¢9.86 billion, but the figure has drastically reduced.
Latest Stories
-
Sports facilities are better managed by institutions – UG Sports Director on maintenance of Legon stadium
25 mins -
Ghanaian businesses must align vision with strategy to mitigate ESG Risks – KPMG
36 mins -
MTN achieves 30% localisation of Scancom PLC
37 mins -
Attorney-General: Some lawyers sacrifice ethics for ‘cheap’ political gains
48 mins -
Bond market: Volume up by 12.45% to GH¢746m
49 mins -
Cedi records year-to-date loss of nearly 29%; one dollar going for GH¢17.10
57 mins -
‘Our priorities are wrong in Ghana’ – UG Sports Director on sports development
57 mins -
The Fourth Estate’s investigative report wins 2nd place at 2024 AIJC
1 hour -
GPL: Our fans spur us on – GoldStars head coach Frimpong Manso on unbeaten run
2 hours -
Plantain chips are breaking hearts in Africa
2 hours -
61 new architects acquire state license to practice in Ghana
2 hours -
Masloc CEO honoured as capacity building Shero of the Year
3 hours -
MPs’ Repeated Attempts to Sue the Speaker: Unintended Consequences for the 2024 Elections?
3 hours -
Today’s front pages: Tuesday, November 5, 2024
3 hours -
Galamsey: Investigation into attack on Joy News’ Erastus Asare and colleagues already growing cold
3 hours