The financial implications of the imposition of E-levy on mobile money in Ghana

The proliferation of mobile money services within the Sub-Saharan region has been of great benefit to most economies as it has helped in bringing financial inclusion, especially to the less privileged.However, most of these economies for instance Kenya, Tanzania, Uganda, etc. have implemented taxes on their mobile money services which have in some way affected the service.Just like these economies, the Ghanaian government decided to implement an electronic levy (E-Levy) on mobile money transactions as a way to increase revenue to aid in solving its pending financial issues.This created an uproar in the country as most people were against its implementation.The citizens were of the view that there were better alternatives than the imposition of a new tax.This research was conducted to identify the financial implications that implementing this electronic levy would have on the economy of Ghana.In conducting the research, a questionnaire-based approach was used to find out from Ghanaians the kind of effects the implementation of the tax has had on their day-to-day activities.Most respondents confirmed that the implementation of the tax has been more of a bane than a benefit to them as individuals and the economy as a whole.Even though the implementation of this tax is still in its early stages, this research concluded that even though the electronic levy can be a great avenue to increase revenue, its implementation was not properly planned and executed as it was implemented at the wrong time where the economy is already in shambles with inflation rates soaring over the roofs.The government should therefore revise their plan for implementation and re-strategize and inculcate the views of the citizens so that they can feel part of the process.This can bring harmony between the government and the citizens who are the taxpayers.