Ghana: Panic withdrawals hit momo joints over 1.7% e-levy

● Ghana: panic withdrawals hit momo joints over 1.7% e-levy

● Ghanaians rush to Momo joints to withdraw monies over 1.7% e-levy

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Reports that Ghanaians nationwide are rushing to mobile money joints to withdraw their deposits as soon as possible before the latest e-levy take effect according.

Ghana’s Financial Minister, Ken Ofori Atta in the 2022 budget stated that the government was going to introduce Electronic Transaction Levy. The Minister presented the 22 budget to parliament on Wednesday November 17, 2021.

“After considerable deliberations, the government has decided to place a levy on all electronic transactions to widen the tax net and rope in the informal sector. This shall be known as the “Electronic Transaction Levy, e-levy” Mr. Ken Ofori Atta said.

His announcement has caused many arguments among Ghanaians, as majority think the killer tax will in the long run cause more suffering to the ordinary Ghanaian.

Mr. Charles Adu who is the National Public Relations Officer for Mobile Money Agents Association in Ghana said members of the association have recorded astronomical withdrawals nationwide hours after the announcement. Explaining how they have been overwhelmed.

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“we are already overwhelmed with existing taxes and other unbearable production costs. Adding additional taxes will not only overburden the suffering masses. It will also collapse our business” Mr. Adu stated

He also added that clients have been complaining bitterly of the introduction of the new tax. Mr. Adu said the Association is taking steps to organize a meeting as soon as possible.

Many Ghanaians have also complained bitterly on social media. Some have noted that, they have no option but to resort to ‘Susu Box’. Some have also vowed not to do any electronic transactions henceforth but its just not possible, looking at how technology has far advanced.

Source: Modern Ghana