Government likely to raise GH¢500m monthly from MoMo levy – Ursula

A tax has been placed on MoMo and e-transactions

This will help the government to generate more revenues to fund road projects in the country

Ursula Owusu-Ekuful has noted that government will cash in on this new directive

Government is likely to rake in about GH¢500m a month from the newly introduced

Read full articlee-transactions levy, Communications and Digitalization Minister, Ursula Owusu-Ekuful, has disclosed.

In a year, a total of GH¢9 billion would be generated from the new directive.

Ursula Owusu-Ekuful's comment comes after Ken Ofori-Atta announced the introduction of a 1.75% levy on electronic transactions.

Speaking on GH Today programme on GHONE TV on Thursday, November 18, she said, “If you are looking at bulk payments, cashouts, person to person transfers, wallet to bank transfers, as of October we are looking at about GH¢11 million, if you are looking at the merchants, debit payments, sending, transfers, transfers to vouchers and the cashouts we are looking at GH¢440 million."

“If you are looking at GHIPSS, and merchant payments and direct debit payments and organisations paying to customers and paying bills and sending money we are looking at GH¢45 million so in total it is possible for the government to get about GH¢500 million from this in a month,” she disclosed.

She said it's about time government generates revenue from online businesses.

Finance Minister, Ken Ofori-Atta, during the presentation, explained that the levy forms part of efforts to widen the country’s tax net to generate more revenue for the country.

These monies would be used to fix the deplorable roads in the country.



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