Momo transactions hit GHS75 billion in January – Ursula Owusu

    The Minister for Communications, Ursula Owusu-Ekuful has disclosed that the value of mobile money transactions amounted to GHS75 billion across the country between Saturday, 1 January and Monday, 24 January 2022.

    Mr Owusu-Ekuful disclosed this at a town hall meeting held on Thursday, 27 January 2022 in Koforidua to discuss government’s proposed E-levy.

    “Today, as we speak, [looking at] mobile money transactions from 1st to 24th January, 33 million transactions have been conducted this year alone, amounting to a value of over GHS75 billion,” she said.

    According to the Minister, from the available statistics, imposing a levy on such transactions, will enable government generate revenue.

    The Minister further noted that in other countries, where Ghana goes to seek financial support, a 10 per cent tax is imposed on digital transactions.

    “The E-Levy is being introduced at a … rate of 1.75 per cent. In other countries, digital taxes are being introduced to the tune of 10 per cent and we travel there to seek loans for our development and to borrow,”she noted.

    “In 2020, the Communication Service Tax (CST) Amendment Act was passed to reduce the rate from 9% to 5%. When the CST was introduced, it faced similar opposition [to what] we are seeing currently and the current Speaker dubbed it a ‘talk tax’ … the NDC and the [telecommunications] industry, led by the Global System for Mobile Communications (GSMA) data, claimed it would damage the growth of the telecommunications industry, as consumers would change their mobile communication habits, but this did not happen; they were unfounded fears,” she added.





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