STC Managing Director, Nana Akomea, has charged Ghanaians to embrace the e-levy policy of the government.
According to him, the e-levy is a "brilliant move by government", stressing "that's the only way we can accurately account for economic activities in the country".
The Finance Minister, Ken Ofori-Atta, reading the 2022 budget statement, said "government has abolished all tolls on public roads and bridges. This takes effect immediately the Budget is approved".
Road tolls across the country, according to the Information Minister, amounts to 78 million cedis per annum.
Government has therefore introduced the e-levy for Parliamentary approval to support infrastructure development in the country.
Ken Ofori-Atta expouned;"After considerable deliberations, 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 or E-Levy.' Electronic transactions covering mobile money payments, bank transfers, merchant payments and inward remittances will be charged at an applicable rate of 1.75%, which shall be borne by the sender except inward remittances, which will be borne by the recipient".
"Mr. Speaker, to safeguard efforts being made to enhance financial inclusion and protect the vulnerable, all transactions that add up to GH¢100 or less per day (which is approximately GH¢3000 per month) will be exempt from this levy. A portion of the proceeds from the E-Levy will be used to support entrepreneurship, youth employment, cyber security, digital and road infrastructure among others. 3y3 Baako, Ye nyinaa bey tua. Mr. Speaker, this new policy also comes into effect (once appropriation is passed) from 1st January, 2022. Government will work with all industry partners to ensure that their systems and payment platforms are configured to implement the policy."
Nana Akomea, speaking on Peace FM's 'Kokrokoo' programme, was shocked at the amount of road tolls across the nation saying it's meagre and in no way enough to revamp the road sector.
To him, the e-levy is the right alternative, disclosing electronic transactions in Ghana exceed bank transactions and generate GHc 960 billion of revenues.
"In fact, the transactions there is propably bigger all the transactions in the banks. That's how big and mature the e-economy is."
He supported the e-levy stating, "the nation needs revenue. We are a poor country. We don't really have money and we complain everyday that we borrow too much. Today, the borrowing is about 78% of GDP. If you don't raise revenue from your country, won't you go and borrow''.
He, however, appealed to Parliament to have a relook at the 1.75% rate since there are complaints that it's high.