The telecommunication firms (Telcos) lost almost 300,000 mobile money subscribers in April prior to the application of the Electronic Transactions Levy (E-levy), according to statistics from the Bank of Ghana.
According to the Summary of Economic and Financial Data for May 2022, active mobile money customers fell from 18.9 million in March to 18.6 million in April, just before to the implementation of the E-levy in May.
In addition, the mobile money business lost 4,000 active agents in April, as their number decreased from 458,000 to 454,000. All of these factors contributed to a GH2.8 billion decline in the value of transactions over the period under consideration.
The overall number of mobile money transactions decreased by 10 million, from 413 million in April to 407 million in March, as shown by the statistics. All of these demonstrate the public’s attitude about the adoption of the tax.
Dr. Ernest Addison, governor of the Bank of Ghana, stated that it is too early to determine the true impact of the E-levy on the economy during a news conference held in conjunction with the introduction of a new policy rate. “I believe it is too soon to comment on this mobile money problem. I suppose the data are for only a few weeks,” he remarked.