You should not be charged e-levy from today April 3, this is according to the Ghana Revenue Authority (GRA). If, however you are charged, it should be refunded, the revenue authority said in a statement.
The GRA has directed all financial institutions, mobile money operators, and other charging entities to cease applying the 1% Electronic Transfer Levy (E-Levy) and immediately refund any deductions made from April 2, 2025, onwards.
This follows the official abolition of the controversial tax after President John Mahama assented to the Electronic Transfer Levy Act, 2022 (Act 1075) and its amendment, Act 1089. The GRA has warned that institutions failing to process refunds promptly will face sanctions, and compliance checks will be conducted to ensure accountability.
Government Revenue and Public Reactions
The government generated approximately GH¢ 2 billion from the E-Levy last year, and despite its planned withdrawal this year, it was expected to rake in about GH¢ 517.7 million in the first quarter of 2025. .
Meanwhile, the abolition of the E-Levy is expected to dominate public discourse, especially on social media, as many Ghanaians will be monitoring whether the levy is still being charged. Some skeptics believe there may be initial challenges in fully implementing the directive, leading to wrongful deductions in the early days.
Impact on the Fintech and Digital Payment Sector
Industry players in Ghana’s fintech sector are optimistic that the scrapping of the levy will spur growth and innovation within the digital payment ecosystem. Many believe that the removal of the tax will encourage more people to use mobile money and electronic payment platforms, fostering a more digital economy.
However, some experts caution that it may take time for the sector to fully recover from the adverse effects of the levy. Some fintech companies had slowed down on developing new payment solutions due to the negative impact of the tax on digital transactions.
With the removal of the levy, expectations are high that new fintech solutions and improved digital services will emerge, making electronic transactions more seamless and attractive to consumers.
For now, the focus remains on ensuring that all wrongful deductions are refunded, and Ghanaians are being urged to check their transactions and demand refunds where necessary.
