Akufo-Addo will sign E-Levy Bill into law – Kyei-Mensah-Bonsu

E-Levy has been passed by Parliament

The rate was reduced from 1.75% to 1.5%

Minority caucus staged a walkout

Osei-Kyei-Mensah-Bonsu, the Majority Leader, is optimistic that the President, Nana Addo Dankwa Akufo-Addo will as a matter of urgency sign into law the Electronic Transfer Levy

Read full article(E-levy) Bill.

Speaking at a press conference on Tuesday, March 29, 2022, the Suame MP said, “President [Nana] Akufo-Addo will assent to the bill as soon as possible.”

He explained that the approved document will be fine-tuned by a Parliamentary Committee in order to ensure that all the necessary clauses are properly captured before the policy document is presented to the president for his approval.

“Usually when bills are passed by Parliament, we go through to ensure that the commas [are in their right places], the i’s and t’s are dotted and crossed. I’m sure we can spend tomorrow [to do that].

"Because of the [Black Stars] match, I’m not sure that the Committee can meet. Maybe after the president’s address tomorrow [today], space will be found to do that. So I guess, by the close of the week, it will be ready for the President’s assent,” he added.

About the E-Levy bill

The government of Ghana is seeking to charge electronic transactions that are more than GH¢100 on a daily basis.

Critics of the proposal have warned that this new levy will negatively impact the Fintech space, as well as hurt low-income people and those outside the formal banking sector.

The levy has been the source of tension in Parliament since it was introduced in the 2022 budget. The tensions culminated in a scuffle between lawmakers in Parliament in December 2021.

The government has, however, argued the levy would widen the tax net and that could raise an extra GH¢6.9 billion in 2022. There are also concerns that the government may securitise proceeds from the E-Levy to raise extra revenue.