Ghana Removes E-Levy and Betting Tax to Boost Financial Inclusion – Deputy Finance Minister

In a significant policy shift, the Ghanaian government has abolished the Electronic Levy (E-Levy), betting tax, and other taxes as part of its commitment to improve financial inclusion. Deputy Finance Minister Thomas Ampem Nyarko explained that the move aligns with President John Dramani Mahama’s campaign promises, aimed at easing economic burdens for Ghanaians and addressing challenges in the digital and informal sectors.

During an appearance on the OXFAM Tax Dialogue on Channel One TV, Ampem Nyarko emphasized that the tax cuts were not just political gestures but a necessary action to fulfill the government’s social contract with the citizens. He highlighted that the removal of these taxes directly responds to promises made by Mahama to the Ghanaian people, aiming to stimulate broader economic participation.

The E-Levy, which targeted electronic transactions like mobile money payments, had faced widespread criticism for hindering financial inclusion. Many believed it discouraged digital transactions, especially among the underbanked population. According to Ampem Nyarko, the government’s decision to abolish the E-Levy was not only to fulfill a promise but also to foster an environment conducive to greater financial access for all Ghanaians.

With the removal of these taxes, the government aims to encourage more digital financial transactions, alleviate economic pressure on citizens, and ultimately support a more inclusive economy. The move reflects a broader strategy to enhance economic participation across various sectors, particularly benefiting the digital economy.

source: citi newsroom