According to data from the Minister of Finance’s 2023 Mid Year Fiscal Review, the Electronic Levy (E-Levy) which places taxes on the electronic movement of money, failed to meet its target for the 1st half of 2023.
According to the data, the E-Levy raised GHC 455,579,224 out of its projected GHC 982,849,212, representing 46.35% of its target. Its total target for the year is GHC 2.2 Billion.
Why This Matters
The Government of Ghana introduced the E-Levy which placed a 1.5% tax on the electronic movement of money including mobile money transfers of more than 100 GHC to drive up revenue for the Government.
The Ministry of Finance last year revised the levy from 1.5% to 1%.
What Happens Next
The Ministry of Finance has revised its total target for the year from GHC 2.2 billion to GHC 1.1 billion.
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