Ghana's Parliament voted to eliminate the Electronic Transfer Levy (E-Levy), a levy imposed on electronic transactions in 2022, marking a dramatic change in policy. To become law, the repeal must be signed by President John Dramani Mahama.
Implemented to increase government revenue, the E-Levy was first set at 1.5% and then lowered to 1%, but it was met with financial expectations and public hostility.
It barely made GH¢246.9 million in its first year, which is far less than the GH¢2.24 billion that was anticipated.
Majority Leader Mahama Ayariga emphasized during the parliamentary debate that removing the E-Levy will increase citizens' disposable income and boost economic activity by putting about GH¢2 billion in their hands each year.
Presenting the 2025 Budget Statement, Finance Minister Dr. Cassiel Ato Forson underlined that eliminating the E-Levy and other taxes would reduce household financial burdens and boost the economy.
The repeal is in line with President Mahama's campaign pledges to lower specific taxes in order to ease citizens' financial burdens. As part of this initiative, other fees, like the Betting Tax, have been eliminated.
The projected policy reforms, which are pending the president's approval, should help Ghanaians financially and boost the country's economy.
