Revenue generation target for the 2022 fiscal year after the passing of the Electronic Transaction Levy (E-levy) beginning May 1, 2022 has reduced by some GH₵2.4 billion.

The Government was hoping to generate GH¢6.9 billion by the end of the year from the electronic levy after the implementation.

But, because of the reduction in the rate from 1.75 percent to 1.5 percent.  Also, the delay in its implementation is another reason why target set could not be met.

Therefore, the Finance Ministry has reviewed the target downward to GH¢4.5 billion.

Dr. Ammisshaddai Owusu-Amoah, the Commissioner-General of the Ghana Revenue Authority confirmed this statement.  He said this during an interview granted the Graphic online.

Nevertheless, Mr. Ken Ofori-Atta’s target would not be achieved. This is because of the reviewed target. The unsucessful target achievement was attributable to other related complications.

He blamed the opposition party mainly for the delays. According to him, the delays affected the targeted revenue negatively. Things would have worked as planned if there were no delays.

He said; “How is it possible to achieve the GH¢6.9 billion target when the opposition has stopped you for four months? It’s likely we will not get all the GH¢6.9 billion.”

Nonetheless,  the collection of the e levy would be effective from today May 1, 2022.

It should be noted that a charge of 1.5% will be charged on daily transactions exceeding GHs 100.00

Payment Service Providers, Banks, Electronic Money Issuers, as well as other financial institutions are mandated to collect the e levy.