Ghana Accrues ¢861.47m In 11 Months From E-Levy

Data from the Ghana Revenue Authority (GRA) indicates that the Electronic Transfer Levy (E-Levy) implemented in May 2022 raked in ¢861.47 million as of March 2023.

The controversial levy in the first year of implementation at a rate of 1.5% accrued ¢614.57 million.

However, in the first three months of 2023, the levy brought in ¢246.9 million for the state.

According to the data from the GRA, the E-levy registered ¢53.58 million in revenue in the first month (May 2022) of its implementation.

It further shot up to ¢59.23 million in June 2022 and consistently rose in July 2022 (¢65.0 7million), August 2022 (¢71.29 million), September 2022 (¢78.95 million), October 2022 (¢85.73 million) and November 2022 (¢93.3 million) respectively.

The E-levy inflows breached the one hundred million cedis mark to record ¢106.79 million in December 2022.

It however began the year recording lower revenue than in December 2022. This was after the rate was revised to 1%, from 1.5%.

E-levy Records ¢246.9 Million In Quarter 1, 2023
In January 2023, the E-Levy inflow was estimated at ¢85.93 million.

It subsequently fell to ¢73.99 million, about 13.9% decline in February 2023.

However, in March 2023, the E-Levy amounted to ¢86.98 million, brining the total collections in the first quarter of 2023 to ¢246.9 million.

The government had set a target of about ¢7 billion for E-levy in 2022. But the delay in implementation compelled it to review the target severally to about ¢800 million in the first month of implementation.

Despite the uproar about the implementation of the E-Levy, total mobile money transactions exceeded ¢1 trillion in 2022.

Mobile Money Transactions Hit ¢550.4bn In Four Months Of 2023  
In the first four months of 2023, total mobile money transactions surpassed ¢550 billion, about 66.2% year-on-year growth.

Source: JoyNews