Associate Professor with the Department of Finance at the University of Ghana Business School, Professor Lord Mensah, has warned that forceful taxation on Mobile Money transactions against the will of the Ghanaian people may cause the country to lose out on investments made in the technological space.
He believes that the current government administration has heavily invested in technology and as such a wrong move may cause the government to lose dividends.
Speaking in an interview with Samuel Eshun on the Happy Morning Show, he explained that following the introduction of the 1.75 percent e-levy on MoMo transactions, people may lose appetite for technology.
“We are in a smart world so if we cannot contain it and we forcefully push something and people lose their appetitie, to whet their appetite back will be difficult. This administration has done a lot of investments in the tech space, and so you will realize that if you don’t take care those investments will not start yielding the dividends that is expected of us. So we have to be careful. It may have an impact on the economy.”
Since government hinted of the proposal of an electronic levy on all electronic transactions including MoMo, parliament has been sharply divided over the policy.
While the Majority in parliament have embraced the policy, the Minority are of the view that the e-levy is just a draconian tax measure to further burden Ghanaians.
Even though the NDC wants the e-levy scrapped, Finance Minister Ken Ofori Atta has said that proceeds from the 1.75% e-levy will support entrepreneurs and ensure that over 11 million jobs are created for the youth in the country. Hence, any attempt to evade the e-levy proposed by government will be blocked.
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