GH¢810 million generated from E-Levy in the first half of 2024

Data from the Ministry of Finance indicates that Ghana generated GH¢810 million from the electronic levy (E-Levy) for the first half of 2024.

Although this amount is less than the GH¢898.4 million half-year objective, it is still the highest half-year income from the much-talked-about E-levy implemented in Ghana in 2022.

In comparison to 2023, E-Levy is expected to provide somewhat higher income in 2024, as the government projects income from the levy to reach GH¢2.1 billion by the end of 2024, higher than what was generated from the levy – GHC 1.19 billion – in 2023. The levy raised just GH¢612.34 in the first year of its implementation–2022.

The implementation of the E-levy in 2022 generated a lot of controversy. The administration said at the time that this was a component of a seven-point plan meant to expedite economic transition and restore macroeconomic stability.

At the time, the government had imposed a 1.5% tax on electronic transactions. The move became very unpopular. Ordinary Ghanaians and mobile money dealers did not take it kindly with the government as they said they were being overburdened with taxes, given that network operators charge people already for their transactions via their mobile money platforms. The backlash led to a revision of the original 1.5% to 1% in 2023.