Panic Withdrawals Hit MoMo Industry due to E-levy

Panic Withdrawals Hit MoMo Industry due to E-levy Has E-levy implementation started? – Check Here

Panic Withdrawals Hit MoMo Industry ahead of the introduction of the infamous E-levy which aims at taxing MoMo transactions.


CHIEF EXECUTIVE Officer of the Ghana Chamber of Telecommunications, Ken Ashigbey, has disclosed that Mobile Money (MoMo) agents are seeing panic withdrawals in the past few days as many customers are spotted thronging the MoMo stations to withdraw moneys from their wallets.

Why did the Panic Withdrawals Hit MoMo Industry?

According to him, the panic withdrawal began since the passage of the controversial Electronic Transactions Tax known popularly as the E-levy on Tuesday, March 29, 2022.

Speaking to Asaase Radio in an interview, Mr Ashigbey said“Massively, people are withdrawing from the MoMo and it makes the whole thing complicated.”

Government, he insisted, should have listened to the cries of the Ghanaian people who have been against the introduction of the controversial levy adding that the tax is multiplicative and not in the interest of the common person.

“I actually don’t know why the government would not at least want to listen to the people, because this is not NDC, NPP. This is a cross-section by the whole population, which is not willing to pay this type of tax which is multiplicative and not in the interest of the common man,” he stressed.

President Nana Addo Dankwa Akufo-Addo on Thursday, March 31, 2022, assented to the Electronic Transaction Levy into law.

The implementation of the levy is billed to commence on May 1, 2022, according to Finance Minister, Ken Ofori-Atta.

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