E-Levy Rate Reduced To 1%; ¢100 Threshold Removed
The government has reduced the Electronic Transfer Levy rate from 1.5 percent to 1 percent. This, according to government, will allow more Ghanaians to use the service. However, the daily transaction threshold of ¢100 has also been removed. This was announced by the Finance Minister, Ken Ofori-Atta on Thursday, November
24, during the 2023 budget presentation. Review the E-Levy Act and more specifically, reduce the headline rate from 1.5% to 1% of the transaction value as well as removal of the daily threshold, Ken Ofori-Atta said. The Electronic Transfer Levy Act, 2022 (Act 1075) was controversially passed in March 2022 and imposes a
levy of 1.5% on electronic transfers. The 1.5% rate was a downward revision from the initially proposed 1.75%. Mobile money transactions between 2017 and 2021 increased from ¢1.55 billion to GH¢9.86 billion, but the figure has drastically reduced.