NDC using BoG, private sector company to enforce 0.75% MoMo levy - Minority Leader claims

The Minority Leader accused the governing National Democratic Congress (NDC) on Tuesday, May 26, in Parliament of attempting to introduce a 0.75% charge on mobile money transactions through the Bank of Ghana (BoG) and a private sector fintech arrangement. According to Alexander Afenyo-Markin, the government was relying on regulatory institutions and private sector platforms to implement "hidden charges" on mobile money users' wallet-to-bank transfers. He claimed, "For the purposes of this levy, they are using the Bank of Ghana and a private sector fintech company as a vehicle to enforce this levy."

The proposed levy on wallet-to-bank transfers was expected to take effect from 1st June but was later suspended by the Bank of Ghana following public backlash. Afenyo-Markin questioned the process used to introduce the charge, arguing that it bypassed Parliament and the standard budgetary approval framework. He insisted that similar fiscal measures were introduced through the national budget and approved by Parliament before implementation in previous administrations.

The Bank of Ghana has announced that the levy has been suspended for further stakeholder consultations. The Minority maintains that the process raises serious questions about transparency and accountability in fiscal policy implementation. Afenyo-Markin said, "We are not interested in the suspension. We are interested in how this was introduced and why Parliament was not engaged." He further called on the Finance Minister to appear before Parliament to explain the circumstances surrounding the proposed charge and its suspension.