Reduce E-Levy to 0.50% – MoMo Agents Association to the government

The E-levy is currently 1%, however the MoMo Agents Association of Ghana wants to reduce it to 0.5%. According to Finance Minister Ken Ofori-Atta, the E-Levy will decrease from 1.5% to 1%.

By 2023, he predicted, the regulation would be in place for all transactions. The agents assert that the revenue target might be achieved if the government alters the rate.

The general secretary of the association, Evans Otumfour, told Citi News that if the charge isn’t reduced, Ghanaians won’t pay it.

ALSO CHECK: I sold my virginity to a fetish priest, now my vagina is ‘rotten’

“In order to determine why people don’t utilize MoMo, the government needs to do study. It is obvious that one of the main factors preventing the government from receiving the funding it requires is the interest rate. Therefore, the government must reduce the rate in order to minimize the impact on the general populace.

“Since there are more than 17 million MoMo users, the government will still meet its revenue target if the rate is set at 0.1 or 0.5 percent. If not, people will find alternative methods, such as using cash, to obtain what they need.

To assist less wealthy Ghanaians, even the minority in Parliament has proposed a GHS300 threshold and a 0.5% Electronic Transfer Levy.

The caucus’ leader, Haruna Iddrisu, stated that his organization was ready to cooperate with the government as it sought to overcome the economic crisis.

We will discuss [the new E-levy rate] more extensively and thoroughly as a caucus,” he stated. The government will benefit from this as it navigates the impending economic crisis.

Without going into the scenarios, the Minority leader advised, “But without going into the scenarios, when you look at your scenarios, think about another 0.5 percent at a threshold of GHS 300 compared to what you have admitted, which is 1 percent at a threshold of zero.”

Mobile money users have also expressed disapproval of the suggested changes.

THANK YOU for constantly reading stories on Ghreact.com. Kindly like, follow, comment and SHARE stories on all social media platforms for more entertaining updates! Do you have content that you want to be featured on Ghreact.com? Reach out to us via Email at myghreact5@gmail.com or on WhatsApp at 0541505614.