Ghana to impose tax on mobile transactions

Ghana will introduce a 1.75% levy on electronic transactions. This was announced by the Minister for Finance and Economic Planning during the 2022 budget statement. The tax will be imposed on mobile money payments, bank transfers and inward remittances. The levy will be borne by the sender except for inward remittances where the recipient will pay the tax. The levy is aimed at expanding the tax bracket and targets the informal sector. The Minister stated that part of the levy will be used to support entrepreneurship, youth employment, cybersecurity and infrastructure. The policy will come into effect in January 2022.