E-Levy is a Ponzi Scheme – Sam George

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Hon. Samuel Nartey George
Hon. Samuel Nartey George

The Member of Parliament for Ningo-Prampram, Hon. Sam Nartey George says the newly proposed Electronic-levy is nothing but a Ponzi scheme.

Via a tweet, he said “the more l process the e-levy, the angrier l get. It is a taxation Ponzi scheme designed to tax the same value of money multiple times. It is plain government thievery and l cannot vote to approve a budget that has that levy included”

The Ministry of finance presented 2022 Annual budget to Parliament for the 2022 fiscal year. The budget according to the Finance Minister, will primarily focus on expanding on the economy’s recovery from COVID-19 pandemic, as well as creating a climate-friendly entrepreneurial state to address unemployment, import substitution and improving Digitalization.

However, issues do not look the same as some elements discussed in the budget do not conform with the expectations of Ghanaians. Among these policies includes an Electronic-levy. The proposed levy, expected to come into effect on 1 February 2022, is a 1.75% charge on all electronic transactions exceeding 100cedis.

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The e-levy when implemented will affect mobile money payments, merchant payments, bank transfers, and inward remittances

Majority and Minority in Parliament seems to have diverging path concerning the proposed e-levy with the majority putting in weight to support the approval of the budget.

Majority of Ghanaians on the other hand are worried. Some say the e-levy will affect their saving/salaries instead of their production and in the near future, money laundry and robbery attacks is likely to be on the rise.

Story by: William Tugbah / CoverGhana

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