The Minority in Ghana's Parliament is questioning the Bank of Ghana's (BoG) explanation for suspending a proposed 0.75% charge on direct wallet-to-bank transfers. Minority Leader Alexander Afenyo-Markin stated that the central bank's claim of needing "further consultation" is not convincing. The levy was scheduled to start on June 1st, applying to transfers from mobile money wallets to bank accounts.
Mr. Afenyo-Markin held a press conference on May 26th. He pointed out that the BoG had previously announced the charge, which would impact citizens' finances. The Minority Leader argued that the idea of "further consultation" contradicts earlier promises. These promises stated that major policy changes would involve thorough stakeholder input before implementation. He questioned the sudden need for more discussions after the policy was already announced.
This situation comes at a time when Ghana's economy is navigating various fiscal challenges. The government has been exploring ways to increase revenue. Mobile money transactions have become a significant part of the Ghanaian financial system. The initial announcement of the charge had generated considerable public backlash. Many citizens expressed concern about increased costs for daily financial activities. Suspending such a charge without clear parliamentary oversight raises questions about governance.
According to Mr. Afenyo-Markin, important fiscal measures like this should go through full parliamentary review. He believes they should not be introduced only to be withdrawn after public outcry. He stressed that Parliament needs to be fully engaged in decisions affecting financial transactions and people's earnings. The Minority Leader further demanded that the Minister of Finance appear before Parliament. This is to provide a comprehensive explanation for the levy's introduction, communication, and subsequent suspension.
The specific details surrounding the initial policy proposal and the process leading to its announcement remain a point of contention. The Minority Leader's call highlights a demand for greater transparency in financial policy-making. Future actions by the Ministry of Finance and the Bank of Ghana will be closely watched. Ghanaians will be looking for clearer communication and adherence to established consultative processes for new financial regulations.