In the fiscal year 2023, the government successfully collected GH¢1.19 billion in revenue from the E-levy, as revealed by Deputy Minister of Finance, Dr. John Kumah.
Addressing the issue of youth unemployment, he disclosed that funds from the E-levy were allocated to initiatives such as the YouStart Programme, the Ghana Enterprise Agency, and the National Entrepreneurship and Innovation Programme.
These efforts were highlighted in response to recent data from the Ghana Statistical Service, indicating that over a million Ghanaian youths were unemployed. Dr. Kumah emphasized the government’s commitment to addressing the unemployment situation through financial support from the E-levy.
During the media launch of the Wealth and Jobs Expo Ghana on February 21, Dr. Kumah announced the government’s dedication to supporting institutions like the Wealth and Jobs Expo and private groups aiming to create jobs in the private sector.
Dr. Kumah underscored the government’s focus on attracting domestic and foreign investments to create jobs.
He emphasized the importance of belief in entrepreneurship to tackle the unemployment rate, stating, “Even if we get 10% of them [unemployed youth], it’s 150,000 who will become entrepreneurs. If they do an average of let’s say 100 jobs, 150,000 x 100, you have almost solved the unemployment problem.”
However, it is worth noting that the Flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, pledged to abolish the E-levy if elected President.
In a speech at the University of Professional Studies (UPSA) on February 7, he stated that eliminating the levy would support the government’s cashless economy agenda.
The E-levy, initiated on May 1, 2022, initially imposed a 1.5% levy on electronic transactions but was later revised to a 1% levy, covering various electronic transactions to broaden the country’s tax base and increase revenue mobilization.
Source: classfmonline
