The Association of Ghana Industries (AGI) has welcomed the removal of the 1% Electronic Transfer Levy (E-Levy), stating that it will boost digital financial transactions and reduce the cost of doing business in Ghana.

The CEO of AGI, Seth Twum Akwaboah, speaking to Citi Business News at MTN House in Accra during the first anniversary of the telecommunication company’s CEO in office, commended the government for its decision, highlighting its positive impact on businesses, especially small and medium enterprises (SMEs).

Seventy-five percent of our members are SMEs, and for them, digital transactions are essential. Any additional cost discourages their use. The removal of the levy will not only cut costs but also encourage more businesses to embrace digital financial services and electronic money transfers.

“It’s a commitment the President made, and now that it has been fulfilled, we look forward to seeing its impact on business growth”, the CEO of AGI said.

Meanwhile, Ing. Dr. Kenneth Ashigbey, CEO of the Ghana Chamber of Telecommunications, stressed the broader economic benefits of eliminating the E-Levy.

“With this removal, we expect an increase in both the volume and value of digital transactions. This growth will boost profitability for financial institutions, leading to higher corporate tax revenues for the government, “he noted.

He added: “Additionally, more digital transactions will reduce the cost of printing physical currency, benefiting the Bank of Ghana. It will also generate valuable data for policymakers to enhance fiscal and monetary strategies,”

Ing. Dr. Ashigbey also noted that the removal of the E-Levy aligns with the government’s financial inclusion strategy, fostering a more digitized economy while easing financial burdens on businesses and consumers alike.

President John Dramani Mahama on Wednesday April 2, 2025 assented to a series of legislative bills meant to abolish several taxes, including the Electronic Transfer Levy (E-Levy), Betting Tax, and Emissions Tax.

This move aligns with the government’s commitment to alleviating the financial burden on Ghanaians.