The Ghana Chamber of Telecommunications has revealed that the mobile telecommunication industry in Ghana has paid taxes and other remittances worth US$295 million to the government and other allied agencies in 2021.
According to the association, this contribution formed approximately 7.7 per cent of the government’s 2021 total tax revenue.
The association also notes that US$49 million was in withholding taxes, US$45 million was accrued from Value Added Tax (VAT), and US$39 million was in levies such as the National Health Insurance Levy.
Also, the association said Mobile Money is the key driver and enabler of Ghana’s cashlite and financial inclusion agenda.
It said, “Beyond extending the reach of financial services, it provides huge employment formalizing the informal economy and support effective monetary policy transmission”.
Regarding jobs, the association said the number of people directly employed in the sector is 6,100, whilst indirect jobs are estimated at 1.2 million.
With the overall decline in the growth trend in mobile money from 2013 to 2021, it appears there is a saturation point for mobile money transactions.
In this regard, the Center for Economics Finance and Inequality Studies said any attempt at levying users would not drive usage, and the anticipated revenue would be difficult to achieve.
“As the e-levy depends on value, the maximum of US$6.87 exemption per day, although protecting the poor, opens up the avenue for mobile money users to schedule their transactions and use other strategies to avoid the payment of e-levy. For many, with the current e-levy of 1.50 per cent, only low value “Mobile Money” transactions are affected”, it added.