Following panic withdrawals six days after the tax was implemented, mobile money agents and bankers are planning to contact the government in order to strategize on methods to educate their suppliers.
Many businesses have had to cope with irate consumers who have emptied their wallets in protest of the e-levy.
Misinformation and poor tax education, according to several financial experts, are to blame for the current scenario.
Evans Otumfuo, the General Secretary of the Mobile Money Agents Association, told JoyNews that the government's goal of raising income from the tax to build the nation would not be realized until appropriate instruction is provided. "So far, e-levy communication has been pretty unsatisfactory. So, I'm sure the government has some strategies in place to guarantee that we all work together to explain the e-levy to the public," he added.
John Awuah, the CEO of the Ghana Association of Bankers, has also emphasized the need of education in ensuring a successful implementation.
"There were many disputes over the Act's basis before it was approved. As a result, the focus was not on the Act itself, but rather on the myriad exclusions, waivers, and the threshold. "As a result, we have a lot of work to do now and in the coming days to educate people, especially on the transactions that are free from the levy," he said.
The e-introduction levy's was met with opposition, with the Minority in Parliament pushing the subject to the Supreme Court.
Former President John Mahama has also stated that if the NDC wins power in 2024, the levy will be abolished.
Subscribers have also stated that since the charge was implemented on May 1, they have been more cautious.
Some customers of the mobile money service raised reservations about utilizing the service after the e-levy was established in an interview with JoyNews' Samuel Mbura. "For the time being, I only deposit when I need to purchase airtime or whatever." I have the majority of my cash on me. Because the e-levy is here to stay, I'll continue to contribute to it. But for the time being, I just want to hang in there until I get a better knowledge of the e-levy," one subscriber explained.
"I even sent money this morning," another subscriber said, "but not a tremendous chunk of money, at least 100, 200, 300 maximum."
Subscribers in several sections of the nation have stated that they are hesitant to put their money in their wallets.