On Thursday, March 31, President Nana Addo Dankwa Akufo-Addo gave his consent to the E-levy law, which was enacted by the legislature on Tuesday, March 29, and would take effect on May 1 this year at a rate of 1.5 percent.
Many clients are now withdrawing their money in bulk without making deposits causing a number of Mobile Money (MoMo) dealers to appear panicked about losing their employment. Customers have been rushing to cash out their funds to avoid tax deductions according to some vendors who talked to the Ghana News Agency (GNA) in Sunyani.
Mr. Apraku Manu revealed that customers had been withdrawing money in small sums and frequently which helps the vendors get charges on transactions. But lately, some customers were withdrawing as much as GhC5000.00.
Mr. Apraku Manu, a MoMo vendor, further stated that they are losing a lot of money due to panicked consumers withdrawing large sums of money.
Mr. Manu explained that a withdrawal of either GHC5000.00 or GHC1000.00 by various consumers resulted in the same fee of GhC10, compounding their loss of commission.
Mr. Manu, on the other hand, stated that some telecoms companies, such as MTN Ghana and Vodafone Ghana, had warned and advised them to be cool, not to panic, and to focus on their operations since "the E-levy will not affect their enterprises."
"The E-levy will neither cause unemployment nor destroy the MoMo banking enterprises," he claims the industry operators promised him.
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