Ghana's Minority in Parliament has accused the governing National Democratic Congress (NDC) of trying to impose a new 0.75% charge on mobile money transfers. Minority Leader Alexander Afenyo-Markin stated on Tuesday, May 26, that this charge was meant to be applied to wallet-to-bank transfers. He claimed the government was using the Bank of Ghana (BoG) and a private fintech company to enforce this levy. This method, he argued, bypassed the traditional parliamentary process for approving new taxes or charges.
Mr. Afenyo-Markin explained that the proposed 0.75% levy was scheduled to take effect on June 1. However, he noted that the Bank of Ghana later suspended its implementation. This suspension followed significant public opposition to the unannounced charge. The Minority Leader contrasted this with past fiscal measures. Previous administrations always introduced such charges through the national budget and secured parliamentary approval. He stressed that Parliament must be involved when charges affect financial transactions. This is especially true in Ghana's fast-growing mobile money sector.
The mobile money sector in Ghana has seen massive growth in recent years. It has become a crucial tool for financial inclusion and everyday transactions. In 2023, mobile money transactions were valued at over GHS 1 trillion. Imposing new charges can significantly impact users, particularly those with lower incomes. This alleged attempt to introduce a charge outside parliamentary oversight raises governance concerns. It could also affect public trust in the financial regulatory bodies. The NDC has not officially commented on these specific allegations.
"For the purposes of this levy, they are using the Bank of Ghana and a private sector fintech company as a vehicle to enforce this levy," Mr. Afenyo-Markin told reporters. He specifically called for the Finance Minister to explain the situation to Parliament. The focus, he stated, is not just on the suspension. The Minority wants to understand how the charge was introduced and why Parliament was excluded from the process. Transparency and accountability in implementing fiscal policies are paramount for economic stability.
The Bank of Ghana has since announced the suspension of the levy for further stakeholder consultations. However, the Minority maintains that the process itself raises serious questions. These questions are about transparency and accountability in how fiscal policies are rolled out. The implications of such actions could affect investor confidence. They could also influence how citizens engage with digital financial services. The public will be watching closely to see if future charges follow a more transparent, parliamentary-approved route. The incident highlights a potential tension between executive action and legislative oversight in Ghana's financial regulation.