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Nana Aba Anamoah reacts to Gabby’s damning E-Levy revelation

Gabby Otchere-Darko’s disclosure that the Electronic Transactions Levy (E-Levy) which was implemented in May with the hope of turning the Ghanaian economy around, has generated less than GH¢60 million instead of GH¢600 million, has triggered many reactions with Nana Aba Anamoah resorting to a popular phrase.

The leading member of the ruling New Patriotic Party (NPP) on Monday; June 27, 2022, expressed concern about the government’s inability to garner the estimated revenue.

“After 5 months of stalemate and bashing, the e-levy, after implementation, is delivering only 10% of estimated revenues; our revenues remain very low as compared to the rest of the world; debt levels dangerously high, cedi, like most currencies, struggling against the US dollar…”

“What options are open to government? The question should rather be: what option, if adopted, will re-inject investor confidence in our economy? Even if we find the $3-5 billion required, will that help? E-levy which was to have given us some 600m by now has done less than 60m,” Gabby’s tweets read.

Reacting to the tweet, Nana Aba Anamoah, a broadcaster and General Manager of GhOne TV said: “The chickens have come home to roost.”

The popular phrase means that the bad things someone has done in the past have come back to bite or haunt the individual.

The E-Levy, 1.5% value tax on all electronic transactions above 100 Ghana cedi, was implemented by the Ghana Revenue Authority (GRA) on May 1. This was despite the numerous concerns a section of the public raised, including double taxation.

The government, however, argued that the policy was to enhance revenue mobilization, support entrepreneurship, increase Ghana’s tax-to-GDP ratio and provide an opportunity for everyone to contribute to national development.

After the policy was implemented, a number of people withdrew their monies while others ceased transactions.

A report by IMANI Centre for Policy and Education in collaboration with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) on June 24, 2022, said: “About 83% or 8 in ten respondents indicated that their volume of transactions has changed since the implementation of the e-levy in May 2022. Of this number, about 47% indicated that they had reduced the number of mobile money transactions by about 51% to 100%. Our findings suggest that the official 24% attrition rate, which the government estimates for the first three to six months following the introduction of the e-levy, is likely to be much higher.”

“This finding implies that the forecasted GH¢4.5 billion (GHS¢60 million per month) e-levy revenue target for 2022 is unlikely to be attained given the strong consumer backlash and people finding alternative means of undertaking financial transactions.”

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