Minority Leader Alexander Afenyo-Markin has called for an immediate explanation from the Finance Minister. His office has intercepted a statement from the Bank of Ghana. This statement details a new 0.75% levy on mobile money transactions. The charge is set to take effect from June 1.
The new levy will affect transfers made from bank accounts to mobile money wallets. It will also impact direct wallet-to-bank transactions. The Minority group expressed alarm about the implementation process. They noted public notices were issued earlier. However, they say questions remain about enforcement. "The Finance Minister must come to Parliament on Thursday to explain the circumstances leading to the imposition of these 0.75% charges on mobile money transactions," the Minority stated. They are seeking full clarity on how this decision was reached.
This development touches upon Ghana's broader digital economy strategy. Mobile money is a critical tool for financial inclusion nationwide. The introduction of new taxes or levies can significantly impact user adoption. It can also affect transaction volumes. In 2023, Ghana's digital payments landscape saw substantial growth. Increases in mobile money usage are a key trend. These new charges could potentially slow this progress. This contrasts with prior government efforts to promote digital transactions.
The Minority has also raised concerns about the central bank's involvement. They question the use of the Bank of Ghana and a private sector company to enforce the levy. They argue this arrangement should have undergone thorough parliamentary scrutiny. "We have in our hand a statement that has just been released by the Bank of Ghana," the Minority noted in a press briefing on Tuesday, May 26. This press briefing highlighted their demand for a detailed explanation.
The implications of this tax remain significant for millions of Ghanaians. Many rely on mobile money for daily financial activities. A 0.75% charge could increase the cost of these transactions. Decision-makers will be watching parliamentary proceedings closely. They will also monitor public reaction to the levy. Further clarification from the Finance Ministry is expected by Thursday. The government's response may influence future policy on digital financial services. The use of private entities in tax enforcement also raises governance questions. The ongoing debate underscores the sensitivity of taxes on everyday financial tools. It also highlights the opposition's role in oversight.