The Bank of Ghana has announced a massive gain over the past two months in Mobile Money transactions hitting about 72.6% (Gh¢, 264.10 billion) growth year-on-year
Mobile Money Transactions which had earlier decreased from the outset after the introduction of the Electronic Levy (E-levy) had significantly increased as of February 2023.
Economists, Political and Financial Analysts heavily criticized the introduction of the E-levy describing the new tax instrument as one that will affect the ordinary Ghanaian and the poor and eventually decline the growth of the Mobile money business. Earnings so far from the Mobile Money have proven to be a significant revenue stream for government as against earlier criticisms.
Bank of Ghana Mobile Money Transactional Figures
Total Mobile Money Transactions in the first two months of 2022, stood at Gh 153 billion – March 2022 Summary of Economic and Financial Data by the Bank of Ghana.
Financial data from the Bank of Ghana reported a total Mobile Money transaction in January 2023 at ¢130.1 billion, compared with ¢76.2 billion during the same period in 2022.
This figure shot up from 130.10 billion to ¢134.0 billion in February 2023 as compared to a rise from 76.20 to ¢76.50 billion during the same period in 2022.
2022 Recorded Earnings: Mobile Money Transactions
In 2022, total Mobile Money transactions hit a record ¢1.07 trillion.
According to the data, the biggest transactions occurred in November and with December 2022 earnings amounting to ¢122 billion and November 2022 earnings amounting to ¢117 billion.
These figures are in contravention of previous claims that the E-levy tax instrument would not rake in expected revenues.
Members of the ruling political party, especially the Finance Minister Ken Ofori Atta seem to have been vindicated with respect to E-levy and his advocacy in the tax instrument to augment government’s efforts in revenue generation.