The Minister for Information, Kojo Oppong Nkrumah, has refuted assertions in the public that the government stated that the Electronic Transfer Levy (E-Levy) would be used to resolve all the economic challenges in Ghana.
According to him, the E-Levy was only targeted and designed to raise revenue for specific sectors of Ghana’s economy.
Speaking in an interview on Oyerepa TV, on Monday, the minister added that the claims that the government said the E-Levy would resolve all the problems of the country are absurd because the projected revenue from the levy is a drop in the ocean looking at Ghana’s total revenue needs.
“We never said that (the E-Levy will resolve all our problems). I was part of the government team advocating for the passage of the levy and we stated what the E-Levy would be used for; we never said only the E-Levy would solve all of Ghana’s problems.
“We said that if the E-Levy is properly implemented it would give the government about GHC6 billion in revenue. If you have a budget of over GHC130 billion, will GHC6 billion solve all of Ghana’s problems,” he said in Twi.
Oppong Nkrumah, the Member of Parliament for Ofoase Ayirebi, also said that the E-Levy is not even recouping the expected revenue because of the stiff opposition it saw before it was passed into law.
What Ofori-Atta others said about E-Levy before it was passed:
Ken Ofori-Atta:
The Minister of Finance, Ken Ofori-Atta, cautioned of dire economic consequences if the proposed Electronic Transaction Levy Bill is not approved.
According to him, Ghana’s economy could potentially end up in a disaster if lawmakers and citizens fail to support the tax measure.
Addressing participants at a Town Hall meeting on Thursday, January 28, Ken Ofori-Atta underscored the importance of the bill being approved in order not to erode the economic gains made by the government.
“If we don’t do this E-levy, we are just pushing ourselves in a way that would potentially end up in such a disaster. There was a warning of that because last week was a very difficult week for the country,” he said.
He cited that the recent downgrade of Ghana’s economy by rating agency- Fitch- is a precursor of what may happen to the economy if the E-Levy Bill is not passed.
“Last week, we got downgraded by Fitch because they do not believe we could raise the revenues that we had forecasted because we were fighting about E-levy…so we need to moderate that because the consequences are quick,” he said.
