Mobile Money Tax: New MOMO Charges Explained [2022 Budget]

Ghana’s finance minister Ken Ofori-Atta has announced that the Government of the Republic of Ghana will be introducing an electronic transaction levy (e-levy) coming next year 2022.

The Finance Minister, Ken Ofori-Atta, made it known during the presentation of the 2022 Budget Statement in Parliament on Friday, 19, 2021.

The newly proposed levy will be effective starting from 1 February 2022.

Well, below is the full explanation carefully read below to get a clear understanding of the 2022 e-levy (tax) on momo transactions.

PLEASE READ TO KNOW THE TAX YOU’LL PAY ON YOUR MOMO TRANSACTIONS

Currently, when you cashout 100 cedis, you paying 1 cedi tax, and when you send or transfer 100 cedis, you’re paying 1 cedi tax.
If you want the receiver to cashout the exact 100 cedis, you’ll need to add 1 cedi to the 100 cedis making 101 cedis.
After this budget, a new tax of 1.70 will be added to the old tax summing to 2.70
So now after this budget, if you cashout 100 cedis, you’re paying 2.70 tax
If you send or transfer 100 cedis to someone, you’re paying 2.70 cedis tax
And if you want the receiver to cashout the exact 100 cedis, you’ll have to add 2.70 on the 100 cedis.
So in all you’re paying 5 cedis 40 pesewas (5.40) tax on 100 cedis

This new tax is going to bring a serious problem, as many Ghanaians are already complaining as well as many mobile money agents aren’t that happy since it is going to be a big challenge for them.

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