Director of the Institute of Statistical, Social and Economic Research, at the University of Ghana, Prof. Peter Quartey is concerned that the 1.5% rate of the Electronic transfer levy (E-Levy) will prevent government from achieving the GHC 6.9 billion target set for the levy.<\/p>\n\n\n\n
President, Nana Akufo-Addo, signed into law the E-levy Bill, two days after it was passed by parliament.<\/p>\n\n\n\n
The president\u2019s action came barely a day after the Minority in Parliament filed a suit at the Supreme Court to challenge the passage of the levy, insisting parliament did not have the numbers to pass it.<\/p>\n\n\n\n
Critics of the proposal have warned that this new levy will negatively impact the Fintech space, as well as hurt low-income people and those outside the formal banking sector.<\/p>\n\n\n\n
Speaking to Citi Business news<\/strong> on the impact of the levy, the Director of the Institute of Statistical, Social and Economic Research, of the University of Ghana, Prof. Peter Quartey warned that the levy\u2019s high rate could see people substituting electronic transactions with cash transactions.<\/p>\n\n\n\n
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