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E-levy’ll not be collateral for loans – John Kumah

A Deputy Finance Minister, Dr John Ampontuah Kumah, has refuted claims by some members who are opposed to the controversial e-levy that if passed, will be used as collateral for more loans.

Speaking at the inauguration of the Ashanti Regional Youth Parliament on Monday, 28 February 2022 in the Kumasi metropolis, he described the assertions as palpable false and without any iota of truth.

Dr Kumah said the government rather needs revenue to construct roads and other infrastructure because the nation has a huge infrastructure gap.

“So, it’s not true that the government is going to collateralise e-levy and all that. We’re going to have enough revenues to be able to properly deal with the contractors,” he said.

Dr Kumah, therefore, called on Ghanaians to support the e-levy to help the government embark on massive road construction works among others in the country.

The bill has met stiff opposition from the opposition.

The e-levy seeks to impose a 1.75% levy on some electronic transactions: mobile money transfers done between accounts on the same Electronic Money Issuers (EMI), Mobile money transfers from accounts on one EMI to a recipient on another EMI, Transfers from bank accounts to mobile money accounts (either directly, GIP debit, bank cards or another scheme), Transfers from mobile money accounts to bank accounts (either directly, GIP debit, bank cards or another scheme) and Bank transfers originating from a bank account belonging to an individual.

Source: Classfmonline.com

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