The Ghana Revenue Authority (GRA) through the Electronic Transfer Levy (E-Levy) has so far realized approximately GHC328.80 million for the government as of the end of September 2022.

The government in June announced it realized roughly GHC60 million from the levy, far below the projected GHC600 million, a month after the rollout of the policy. “Electronic Transfer Levy – We commenced the implementation of this levy in May 2022. Revenue from E-Levy as of September 2022 amounted to GHC328.80 million,” the GRA tweeted.

“It is worth mentioning that, on-month basis we continue to see a 20% improvement in the collection of the levy. It is, therefore, our expectation that this will continue and improve domestic revenue generation to support government expenditure,” it added. The GRA said it will soon roll out a  short code that will enable Ghanaians to check their tax compliance status.

“We have also acquired a USSD code that will allow every Ghanaian to check on their tax compliance status. This shortcode will be made public as soon as possible,” the GRA said.

Reduce E-levy rate further

Meanwhile, Joe Jackson, the director of operations at Dalex Finance, wants the government to urgently review the Electronic Transfer Levy (E-Levy) rate.

He has proposed a review of the rate from 1.5% to 0.75 %. The levy came into effect in May.

Appearing on The Asaase Breakfast Show on Thursday (18 August) four months into the implementation of the levy, Jackson said: “There’s avoidance of the payment of E-Levy, but momo [mobile money] usage is still on the rise.” “Wherever it was introduced, we were sure that it never brought in the revenue needed. So, if we’re going to go by history, then let’s reduce it.

“First of all, I think we’ve got to rewind and ask what happened before E-Levy. As a country, we were not generating revenue to service our debts so that’s why the E-Levy came in,” Jackson said.