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