Mobile Money transactions hit GH¢1.527 trillion

In the first 10 months of 2023, mobile money transactions in Ghana reached an unprecedented GH¢1.527 trillion cedis, a substantial increase from about GH¢844.97 billion recorded during the same period in 2022, as disclosed by the Bank of Ghana.

The month of October 2023 saw the highest mobile money transaction value, totaling GH¢179.2 billion.

Despite this performance, it remains uncertain whether the government is meeting the Electronic Transfer Levy (E-Levy) target for 2023.

The government had previously reduced the tax rate on electronic transactions from 1.5% to 1.0% on January 11, 2023, with ongoing discussions about the possibility of further reductions to promote compliance.