Mobile Money plays a crucial role in improving the efficiency of cash transactions in Ghana
The Mobile Money (MoMo) Agents Association of Ghana has disclosed that approximately 17,000 mobile money businesses have shut down nationwide following the introduction of the Electronic Transaction Levy (E-Levy).
An internal survey conducted by the association revealed that many members abandoned their businesses due to multiple levy deductions on transactions, whether through banks or between agents.
Speaking to JoyNews, the General Secretary of the association, Evans Otumfuo, stated that the high tax burden significantly reduced agents’ working capital, making it difficult for them to sustain their businesses.
In response, the association has welcomed the new government’s decision to abolish the E-Levy, calling it “counterproductive” to their industry.
Introduced in 2022, the E-Levy faced strong public opposition, with critics claiming it added to the financial burden of Ghanaians.
However, the ertswhile Akufo-Addo government defended it as a necessary measure to generate revenue for national development.
SP/MA