The President for the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, has revealed that his government is determined to raise revenue for developmental projects.
As part of ways to revive the economy government introduced the Electronic-levy to undertake developmental projects.
Speaking on the floor of Parliament on Wednesday 17th November 2021, Finance Minister, Ken Ofori Attah stated the tax will widen the tax net and rope in the informal sector.
He added that Electronic transactions covering mobile money payments, bank transfers, merchant payments and inward remittances will be charged at an applicable rate of 1.75%, which shall be borne by the sender except inward remittances, which will be borne by the recipient.
Addressing traditional leaders from Dzodze in the Volta region on Tuesday, 1st February 2022, Akufo Addo stated that his government is determined to raise revenue despite strict resistance by the opposition.
According to Akufo Addo, revenues during 2020/2021 went down considerably because of the slowing down of the economic activities that came from the COVID-19.
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He added that at the same time, government, in order to keep the country going, did incur some expenditures on the free water, the free electricity at the height of Covid-19.
“These are the efforts that we are now making which are being resisted by the opposition but we will try and close the gap. That is the reason it has become necessary for us to use these measures like this famous tax which has caused so much unnecessary, in my view disputation; nevertheless, we would continue.”
“These are the efforts that we are now making which have been being resisted by the opposition as we try and close the gap. It is necessary for us to do so because that is the only way which some of these matters can be addressed,” Akufo Addo added.
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