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Home Business Banking & Finance

Mobile money transactions soar to record GHS 1.07tn despite E-Levy

3 years ago
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Mobile money transactions soar to record GHS 1.07tn despite E-Levy

Mobile money transactions in Ghana hit a new record high in 2022, reaching a total of GH₵1.07 trillion ($195 billion), according to a summary of economic and financial data by the Bank of Ghana.

Despite the introduction of the Electronic Transaction Levy (E-Levy) in May 2022, the number of mobile money transactions continued to grow.

The highest transactions were recorded in December 2022 and November 2022, with GH₵122 billion ($22.4 billion) and GH₵117 billion ($21.3 billion) respectively.

A recent study revealed that many consumers avoid paying the E-Levy by making informal agreements with vendors.

To address this issue, the government may need to lower the rate of the E-Levy to 0.5%.

Total Mobile Money transactions in 2021 and 2022

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MONTHS2021 (BILLIONS)2022 (BILLIONS)
January67.176.2
February67.976.8
March82.390.5
April83.887.7
May86.571.4
June89.177.4
July99.177.2
August81.887.1
September81.088.8
October80.0100.2
November82.0117.0
December82.9122.0
Total902.5              1.072 trillion

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