In a significant move aimed at fostering a cashless economy, Vice President Dr. Mahamudu Bawumia has declared plans to abolish the controversial electronic transaction levy (e-levy) in Ghana. The announcement was made during a press conference held at the Jubilee House earlier today.
The decision to eliminate the e-levy underscores the government’s commitment to embracing digital payment solutions and reducing reliance on traditional cash transactions. Dr. Bawumia emphasized the importance of promoting a cashless system to drive economic growth, enhance financial inclusion, and combat corruption.
“The abolition of the e-levy is a strategic step towards realizing our vision of a modern and efficient payment ecosystem in Ghana,” stated Vice President Bawumia. “By removing barriers to electronic transactions, we aim to encourage more individuals and businesses to adopt digital payment methods, ultimately leading to a more robust and transparent financial landscape.”
The e-levy, which was proposed as part of the government’s revenue mobilization efforts, has faced widespread criticism since its introduction. Critics argue that the levy would impose a burden on consumers and stifle economic activity, particularly among small businesses and low-income earners.
In response to these concerns, Dr. Bawumia affirmed the government’s willingness to explore alternative revenue streams that would not impede the transition to a cashless society. He highlighted initiatives such as expanding the tax base, improving tax compliance, and leveraging technology to enhance revenue collection efficiency.
“We recognize the importance of fiscal sustainability while ensuring that our policies align with the needs and aspirations of our citizens,” remarked Dr. Bawumia. “Moving forward, we will engage in constructive dialogue with stakeholders to develop innovative solutions that support economic growth and financial inclusion.”
The decision to abolish the e-levy has been met with widespread approval from various sectors of society, including businesses, financial institutions, and consumer advocacy groups. Many view it as a positive step towards creating an enabling environment for digital innovation and economic development.
As Ghana prepares to transition to a cashless economy, the government remains committed to implementing policies that facilitate seamless electronic transactions while safeguarding the interests of all stakeholders. Dr. Bawumia’s announcement signals a bold and progressive approach towards achieving these objectives, paving the way for a more dynamic and inclusive financial future for the nation.
story filed by: Nana kwaku Duah
