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Business News of Monday, 28 February 2022


E-Levy will not be used as collateral for loans – Deputy Finance Minister

Deputy Finance Minister, John Kumah Deputy Finance Minister, John Kumah

We'll properly deal with contractors, John Kumah

Government holds townhall meetings on E-Levy

E-Levy reviewed downwards to 1.5%

Deputy Finance Minister, John Kumah, has quashed claims that the most talked-about tax on all electronic transactions - E-Levy would be used as collateral to secure loans.

He stated categorically that some of the monies generated from the E-Levy as revenues would be used to construct roads in the country.

Speaking at the inauguration of the Ashanti Regional Youth Parliament on Monday, February 28, 2022 , the deputy finance minister said, "It's not true that the government is going to collateralise E-Levy and all that. We're going to have enough revenues to be able to properly deal with the contractors."

John Kumah, therefore, called on Ghanaians to rally their support behind government and accept the E-Levy for the country to witness some developmental progress.

The announcement of the E-Levy in the 2022 budget has been fraught with several controversies, with many Ghanaians, including the Minority in Parliament kicking against it.

The E-Levy bill was subsequently withdrawn from parliament and has been reviewed downwards to 1.5% from 1.75%.

The bill is yet to be re-laid before parliament after its withdrawal.

Meanwhile, government through the information ministry is organising town hall meetings to discuss the Electronic Transaction Levy (E-Levy).

The exercise will also give government feedback on reactions from citizens on the proposed levy and how best to implement it.

Finance Minister, Ken Ofori-Atta, has also warned of dire consequences for the Ghanaian economy if the E-Levy is not passed.

Ken Ofori-Atta urged Ghanaians to support the implementation of the E-Levy.