The Ghanaian Parliament has approved a new electronic transaction tax which the government says will help raise $900m in much-needed revenue but which has sparked widespread popular criticism. The E-levy bill, passed on Tuesday, will introduce a 1.5 percent tax on electronic money transfers and transactions. President Nana Akufo-Addo’s government has said the move will help address problems from unemployment to Ghana’s high public debt. But for many Ghanaians, the tax represents yet another burden as they are already struggling with high living costs heightened by soaring fuel prices due to the Ukraine crisis. Legislators passed the law after the opposition minority walked out of the debate. Before they walked out of the debate, opposition legislators dismissed the new tax as unfair. Earlier, Finance Minister Ken Ofori-Atta said the government had already reduced the proposed tax from 1.75 percent to 1.5 percent after consultations, adding that it will bring in projected revenues of $927.5m. Ghana is struggling to revive its economy from the fallout of the coronavirus pandemic and its high public debt is a burden. Earlier this week, it reopened its land and sea borders after a two-year closure as it lifted some coronavirus restrictions in an attempt to bolster its flagging economy.
SOURCE: AL JAZEERA
More Stories
One of Africa’s Most-celebrated Authors and Playwrights has Died Aged 81
Ethiopian Airliner Accused of Discrimination
What To Do about Khartoum?
Scholars Study the Political Dynamics of West Africa
News App Ensures Nigerians are Informed
Zimbabweans Living in South Africa in Limbo
Uganda’s Pension Market Experiences Significant Growth
The Corner Shop Gets Digitised
Last year, Africa Birthed a lot of Notable Innovations Created by the Younger Generation
Offering Passengers to Seychelles More Travel Options
Tinubu Hits the Ground Running
Russian Minister Makes a Quick Stop in Nairobi