In a major victory for Ghanaians, Parliament has officially approved the Electronic Transfer Levy Repeal Bill 2025, effectively scrapping the highly unpopular E-Levy. This move marks the end of a contentious tax that imposed a 1% to 1.75% levy on electronic transactions, including mobile money payments, bank transfers, and inward remittances.

The E-Levy, introduced in 2022, was met with fierce resistance from the public and stakeholders, who argued that it placed an undue financial burden on citizens and stifled digital transactions. However, with its repeal, Ghanaians can expect a significant reduction in financial pressures, with an estimated GH¢2 billion returned to the people.

According to Deputy Finance Minister Thomas Nyarko Ampem, the abolishment of the E-Levy will not only ease financial pressures but also improve livelihoods. This move aligns with the government's efforts to promote financial inclusion, encourage digital payment adoption, and boost economic growth.

The repeal of the E-Levy is expected to have a positive impact on Ghana's financial sector, with increased electronic transactions, improved digital commerce, and enhanced economic growth anticipated.

Business owners, mobile money agents, and financial analysts have welcomed the move, citing its potential to stimulate economic activity and improve financial accessibility.