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Vice President Dr. Mahamudu Bawumia has promised to eliminate the controversial electronic transaction levy, known as the E-Levy, if he assumes office.
Speaking to Ghanaians, the New Patriotic Party’s presidential candidate emphasized his vision to transform Ghana into a cashless economy, aiming to spur economic growth and combat corruption.
Bawumia outlined his plan to encourage electronic payment channels by removing taxes on digital transactions under his administration, effectively abolishing the E-Levy.
Implemented on May 1, 2022, the E-Levy imposes a 1.5% tax on e-transactions, including mobile money transfers, bank transactions, and merchant payments, with exemptions for transactions below GH¢100 daily.
While the government introduced the levy to expand the tax base and generate revenue, Bawumia underscores the importance of transparency in curbing corruption through the transition to a cashless society.
Highlighting the benefits of digital payments, he stressed the role of transparency in reducing corruption, citing advancements such as mobile money interoperability and the introduction of a digital version of the Ghana cedi.
Bawumia asserts that the e-cedi, coupled with robust privacy safeguards, will revolutionize the fight against corruption, facilitating transparent transactions and deterring fraudulent activities.