Reducing rate of E-Levy will help meet projected revenue – Prof. Quartey

There is still a possibility thatgovernment can meet its projected revenue target for the Electronic Transaction Levy (E-Levy), this is according to the Director of the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana, Professor Peter Quartey.

According to him, if the current charging rate of GHS1.50p is reviewed and reduced to encourage Ghanaians to use electronic transactions, it will help the targeted revenue to be reached.

Speaking to TV3 during an engagement on the Ghana Tonight show, Prof. Quartey urged the government to look at available alternatives to make the failing Electronic Transaction Levy better.

“All we have to do is to make it better. We have to wait for a year or two if we want to scrap it. If we reduce the rate the needed revenue will be met.

“There are alternatives and even banks will transfer without paying e-levy and the exemptions attached. To reduce the rate, it has to go back to parliament,” Professor Peter Quartey shared.

Before the commencement of the Electronic Transaction Levy on May 1, the Finance Ministry targeted to rake in GHS6.9 billion as indicated in the 2022 Budget Statement.

However, after making below 10% of the monthly expected revenue, that target has since been revised downwards to GHS611 million in the mid-year budget review.