The Minority in Parliament has called for a permanent stop to mobile money transaction charges, specifically targeting a suspended 0.75% fee. This action intensifies pressure on regulators over planned charges linked to digital financial services. The opposition caucus demands an unconditional ban on any wallet-to-bank or bank-to-wallet charges.
These charges, the Minority insists, must undergo explicit approval by an Act of Parliament. This dispute follows an emergency directive by the Bank of Ghana (BoG). The BoG had ordered Mobile Money Fintech Limited to suspend the planned 0.75% transaction fee, pending further consultations.
This situation fits into a broader discussion about revenue generation and parliamentary authority in Ghana. The government has increasingly looked for ways to tax the digital economy. Previous attempts, like the E-Levy, faced public resistance and yielded lower-than-expected revenues. This current controversy highlights ongoing tensions between executive actions and legislative oversight on financial matters.
Minority Leader Alexander Afenyo-Markin stated the BoG's suspension was not enough. He insisted that any attempt to introduce levy-like charges outside parliamentary approval violates the Constitution. Afenyo-Markin called for the BoG to completely dismantle the policy framework underpinning these charges. He further demanded that the Finance Minister appear before Parliament to explain the origin and approval process of the suspended fees.
The Minority has also urged the Attorney-General to provide a constitutional interpretation on the legality of imposing such fees. They argue that imposing tax-equivalent fees through fintech operators without parliamentary oversight is unconstitutional. Afenyo-Markin warned that bypassing Parliament in levying charges undermines public trust and constitutional procedures.
If investigations show executive involvement in the proposed fees, the Minority stated the government should issue a formal apology to Ghanaians. This issue could significantly impact the development and adoption of digital payments in Ghana. It also raises questions about the regulatory powers of institutions like the Bank of Ghana. Stakeholders will closely watch how the BoG and the government respond to these demands. The outcome could set a precedent for future financial regulations and the role of Parliament in approving new charges.