Mobile money transactions soar to record GHS 1.07tn despite E-Levy

Despite the introduction of the Electronic Transaction Levy (E-Levy) in May 2022, the number of mobile money transactions continued to grow.

Mobile money transactions in Ghana hit a new record high in 2022, reaching a total of GH₵1.07 trillion ($195 billion), according to a summary of economic and financial data by the Bank of Ghana.

Despite the introduction of the Electronic Transaction Levy (E-Levy) in May 2022, the number of mobile money transactions continued to grow.

The highest transactions were recorded in December 2022 and November 2022, with GH₵122 billion ($22.4 billion) and GH₵117 billion ($21.3 billion) respectively.

A recent study revealed that many consumers avoid paying the E-Levy by making informal agreements with vendors.

To address this issue, the government may need to lower the rate of the E-Levy to 0.5%.

Total Mobile Money transactions in 2021 and 2022

MONTHS 2021 (BILLIONS) 2022 (BILLIONS)
January 67.1 76.2
February 67.9 76.8
March 82.3 90.5
April 83.8 87.7
May 86.5 71.4
June 89.1 77.4
July 99.1 77.2
August 81.8 87.1
September 81.0 88.8
October 80.0 100.2
November 82.0 117.0
December 82.9 122.0
Total 902.5               1.072 trillion
E-LevyHighMobile moneyTransactions