“Don’t Smuggle E‑Levy Back”: Afenyo‑Markin Warns Gov’t Over 0.75% Wallet‑to‑Bank Charge

Minority Leader Alexander Afenyo‑Markin has cautioned the government against reintroducing the proposed 0.75% wallet‑to‑bank transfer charge without first seeking parliamentary approval.

He said any attempt to impose the charge outside the authority of Parliament would constitute an abuse of regulatory power and an effort to “achieve through the back door what could not be achieved through legitimate parliamentary processes.”

Addressing journalists in Parliament last Friday, the Minority Leader said Article 174 of the 1992 Constitution is explicit that no tax or levy can be imposed except by or under an Act of Parliament.

“A charge on financial transactions that is economically indistinguishable from a levy cannot be made lawful simply by routing it through a private fintech firm instead of the Consolidated Fund,” he argued.

“Bypassing Parliament”

Mr Afenyo‑Markin reminded the public that Parliament had already repealed the Electronic Transfer Levy (E‑Levy), with the President assenting to the repeal.

He said allowing a Bank of Ghana‑regulated entity to impose an equivalent charge would amount to bypassing Parliament and treating the Legislature “as an inconvenience.”

He insisted that the Bank of Ghana must permanently prohibit any wallet‑to‑bank or bank‑to‑wallet charge that resembles a transaction levy unless authorised by law.

“E‑Levy in a New Coat”

The Minority Leader recalled that in May 2022, then opposition leader John Dramani Mahama described the E‑Levy as distortionary, burdensome and regressive, promising that an NDC government would repeal it along with the Communication Service Tax.

He said barely 14 months after assenting to the repeal, the government had permitted Mobile Money Fintech Limited to announce a 0.75% charge on wallet‑to‑bank transfers effective June 1.

“It is the E‑Levy in a new coat and under a new name, but identical in substance and effect to the burden President Mahama spent years denouncing,” he stated.

He added that no one should pretend the decision is purely private, since the state will still take its share through taxes.

Impact on Business

Mr Afenyo‑Markin cited concerns raised by the Freight Forwarders Association of Ghana, noting that freight forwarders rely heavily on wallet‑to‑bank transfers for customs payments, port charges and supplier settlements.

“They warn it will raise the cost of doing business and erode competitiveness at our ports. These are industry voices, not political ones. Once again, Ghanaians are being asked to pay for the privilege of moving their own money,” he said.

---Graphic Online