E-Levy deductions to start in May this year – Finance Minister
A former Deputy Managing Director of the National Investment Bank, Alfred Thompson, has called on Ghanaians to demand accountability from government when the Electronic Transfer Levy comes into full effect.
According to him, the controversial tax measure which has been assented into law by President Akufo-Addo has come in at a rather timely manner to improve the country’s domestic revenue generation.
In an interaction with Asaase Radio, the former deputy MD indicated that Ghana’s economy cannot continue to rely on eternal funds borrowed, hence, the implementation of the E-Levy is an apt home-grown solution to improve revenue.
“For us to transform a country, we need to send a country to another level; do we keep on borrowing all the time just to run our country?” he is quoted by the portal.
“Then how do we pay the debts? Because we don’t have the much-needed factories and we don’t do the bigger exports as we should be doing to get those trade deficits and things to pay our debts. So, where do we get the money from? Why don’t we now start looking within? It is high time we get money from within and stop this borrowing and control from outside.
“Let our people control our leaders. When you think there is a leader who’s not spending your money well, you kick him out. That’s why every four years, the voting patterns show whether the leader is good or not,” Mr Thompson added.
The former deputy Managing Director of the NIB further called on government to look within domestic borrowing sources to propel the economy.
“I think we should borrow from within; we should take from within and have the controls from within. Let the people decide, let the people talk, let the people express their opinion every four years saying that listen ‘you took the money, I don’t know what you did with it. Accountability is essential, probity is essential so, we want you to go and let someone else come.’ So, I am in full support [of the E-Levy],” he said.
Meanwhile, the implementation of the E-Levy is expected to take off in May this year, according to the Finance Minister, Ken Ofori-Atta.
The rate of the levy which has been revised to 1.50 percent will place a charge on all electronic transactions covering mobile money payments, bank transfers and others.
Alfred Thompson, former Deputy Managing Director of the National Investment Bank