Dr. Theo Acheampong, an economist and political risk analyst, has asserted that the Electronic Transfer Levy (E-levy) hinders Ghana’s shift towards a cashless economy.
He supports the Finance Minister Designate, Dr. Cassiel Ato Forson, in his commitment to abolish the E-levy and the betting tax within the first 120 days of the new administration.
In a social media post on January 13, Dr. Acheampong stated, “E-levy retards progress to a cashless economy. Dr Ato Forson says the e-levy will be ABOLISHED, and same with the betting tax within the 120 days; most likely in the first budget.”
The E-levy, introduced in 2022, imposes a 1% charge on electronic transfers exceeding GHC 100 per day.
Its primary aim is to enhance domestic tax mobilization and broaden the tax base.
However, the levy has faced criticism for potentially impeding the adoption of digital financial services and burdening users of mobile money platforms.
Dr. Acheampong has earlier argued that the revenue generated from the E-levy, estimated to contribute less than USD 300 million or 0.4% of Ghana’s annual GDP, can be substituted through alternative means.
Dr. Acheampong further cautioned that retaining the E-levy and COVID-19 levy would be politically unwise for the new administration, suggesting that scrapping these taxes would have limited impact on public finances.