MOMO

Mobile Money Operators have threatened to stage a demonstration to amplify the fear of losing their capital after the passage of the E-Levy into law.

According to the group, their businesses are run on loans which will be negatively impacted by the implementation of the E-Levy, accented to by President Akufo-Addo a few days ago.

National President of the Mobile Money Agents Association, Dela Abotsi said about 150 thousand agents are likely to go out of business when the E-levy finally becomes operational in May 2022.

Mr. Abotsi who spoke with Doreen Ampofo, said the Association will meet to deliberate on the next line of action.

It will be recalled last week that President Akufo-Addo signed the E-levy Bill passed by Parliament on Tuesday, March 29, 2022, bringing a charging of 1.50 % on Electronic Transfers into effect.

This was after there had been many attempts by the Minority in Parliament to block the President from signing the Bill into Law, after, hence filed a suit at the Supreme Court.

The Minority is represented in the Stay of Execution suit by Minority Leader, Haruna Iddrisu and his colleagues Mahama Ayariga and Samuel Okudzeto Ablakwa.

A picture circulating on Social media has the President wearing a white smock (same attire won earlier today to commission the Nissan Assembling Plant) with the Bill printed on a yellow A4 Sheet before him. The charge will apply to electronic transactions that are more than GH¢100 on a daily basis.

The E-levy is expected to increase tax revenue by GHC 6.69 Billion for the government to help reduce the budget deficit. The Finance Minister, Ken Ofori Atta has already announced that implementation would commence in May 2022.

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