The contentious Electronic Transfer Levy (E-levy) will be reduced by the government from 1.5 percent to 1 percent.
According to the Finance Minister, this was a step taken aimed at restoring macroeconomic stability and accelerating our economic transformation.”
In presenting the 2023 budget statement in Parliament, Ken Ofori-Atta explained that the reduction in the E-levy means all minor and major transactions will be charged.
According to him, the review required all transactions to be charged because the previous threshold did not help the government yield the resources it needed.
“As a first step, however, the headline rate will be reduced to one percent of the transaction value alongside the removal of the daily threshold,” Mr. Ofori-Atta stated.