BUSINESSMOBILE MONEY LOSES GH¢10 BILLION IN VALUE AS...

MOBILE MONEY LOSES GH¢10 BILLION IN VALUE AS E-LEVY IMPLEMENTATION NEARS.(Checkout photos)

-

Even before the Electronic Transaction Levy (E-levy) takes effect next month, available data shows that the mobile money platform has lost about GH¢10billion in value between November 2021 and January 2022 – a development that raises serious concerns about the new tax’s ability to rake in the anticipated revenue.

According to the Summary of Economic and Financial data (March 2022) published by the Bank of Ghana, the mobile money platform which is the largest payment system network in the country – seen as the main driver of financial inclusion – saw its transaction value decline to GH¢76.2billion in January 2021 from the GH¢86.1billion recorded in November 2021 (the very month the E-levy was announced), indicating a drop of GH¢9.9billion.

The platform has never seen such a colossal decline in value over the space of any two months within a year ever since it was introduced.

Besides the drop in value on the platform, the total number of transactions also went south as it saw a 24 million decline in January 2022 from November 2021.

The number of active agents also saw a decline of 7,000 within the same period, while active mobile money accounts also decreased by 600,000 in the period under discussion.

All these declines experienced since November 2021 when the E-levy was announced by Finance Minister Ken Ofori-Atta points to one conclusion – that users of the mobile money platform are not ready to pay the proposed tax and may have resorted to cash options.

Latest news

Meet The Man Who Donated All The Money His Grandfather Gave Him To A Church And Landed A Fortune

A businessman and real estate developer, Kwadwo Saka Addo Mensah, has detailed the story behind how he became a...

Why Elon Musk Sell X For $33 Billion

Elon Musk on Friday evening announced he has sold his social media company, X, to xAI, his artificial intelligence...

Two Landguards Arrested For Stabbing 2 At Kasoa Ofaakor

The Kasoa Ofaakor District Police Command in the Central Region has arrested two suspected landguards for stabbing two individuals...

Hair Relaxers Linked To Increased Breast Cancer Risk In Ghanaian Women – Details

Hair relaxers, used by many Black women for sleek, straight hair, may pose a significant breast cancer risk. The Ghana...

We’ve Not Frozen Richard Nii Armah Quaye’s Bank Accounts – GRA

The Ghana Revenue Authority (GRA) has dismissed claims that it has frozen the bank accounts of businessman Richard Nii...

Parliament Approves GH¢31.7 Billion Budget Allocation For Ministry Of Education

The Parliament of Ghana has approved a total sum of GH¢31,772,464,382.00 to finance the operations of the Ministry of...

Must read

Meet The Man Who Donated All The Money His Grandfather Gave Him To A Church And Landed A Fortune

A businessman and real estate developer, Kwadwo Saka Addo...

Why Elon Musk Sell X For $33 Billion

Elon Musk on Friday evening announced he has sold...

You might also likeRELATED
Recommended to you