Ghana's Minority Caucus in Parliament has demanded the permanent withdrawal of a 0.75% fee on MTN Mobile Money transactions. This call specifically targets charges on wallet-to-bank and bank-to-wallet transfers that have not received parliamentary approval.
The demand follows the Bank of Ghana (BoG) directing Mobile Money Fintech Limited (MMFL) to suspend the planned fee implementation. The BoG also called for further consultations with stakeholders. However, the Minority considers this temporary suspension insufficient, insisting on a complete removal of the fee unless it undergoes formal legislative approval.
This development fits into a broader debate about taxation and parliamentary oversight in Ghana's digital economy. Mobile money transactions have become a significant part of the nation's financial landscape, with volumes reaching GHS 1.34 trillion in 2023, according to BoG data. Previous attempts to introduce taxes on mobile money, such as the Electronic Transfer Levy (E-Levy), have sparked public and political contention over their impact on financial inclusion and the burden on ordinary Ghanaians.
Minority Leader Alexander Afenyo-Markin stated publicly on Friday, May 29, 2026, that the Bank of Ghana must permanently prohibit any such charges. He argued that any transaction levy equivalent to a tax requires an Act of Parliament. Mr. Afenyo-Markin raised legal concerns that using private or state-backed fintech operators to collect these fees might bypass the 1992 Constitution.
The Minority Leader has formally requested the Attorney-General and Minister for Justice to provide a definitive constitutional opinion on how taxes and levies can be legally imposed. He specifically cited Article 174 of the Constitution, which mandates parliamentary oversight for taxation. Mr. Afenyo-Markin stated, “The Attorney General must issue a formal opinion on the constitutionality of imposing levy-equivalent charges through fintech operators to bypass Parliament and Article 174.”
The Minority further demanded that the Minister of Finance appear before Parliament. They seek clarification on the origin of the aborted fees and the government's relationship with fintech operators. This action suggests a push for greater transparency and accountability from the executive branch regarding financial policy decisions. If the executive played a hidden role in prompting MMFL to introduce the fee, the Minority expects a formal apology to the Ghanaian electorate.
This situation will likely lead to increased scrutiny of future financial policy changes, especially those impacting digital transactions. Decision-makers in government and the financial sector will need to carefully consider the legal and constitutional implications of implementing new fees. Markets, particularly those reliant on digital financial services, will monitor the outcome for potential impacts on transaction costs and consumer behavior. The episode underscores the delicate balance between government revenue generation and protecting citizens from unapproved levies in a rapidly evolving digital economy.