E-Levy Short Report After 2 Months Implementation. [Shocking But Unsurprising Revelations By IMANI Africa]
Highlights
1. Find out how low MoMo transactions and value have dropped
2. See how sharp the graph of E-levy is looking after two (2) months of implementation.
3. You will understand the reason why the toll-both levies were re-introduced.
4. You may even feel pity for the country’s desire to cash in on the E-levy.
5. You may rather praise the citizens for being smart over civic duty to pay tax
6. “What has happened is the total MURDER of an emerging industry”, as stated in the report.
Read the summarized short report as presented by Franklin Cudjoe, the CEO of IMANI Africa, and also see graph attached here
See also: Vodafone Ghana And Ghanaians Called For The Introduction Of The E-Levy
Just so we are clear, the fact that 80% of people responded in a survey that they will use MoMo less or that they will reduce their MoMo transactions DOES NOT MEAN that MoMo volumes or value will drop by 80%!
If the survey respondents each reduced their use of MoMo by 1%, then the total value of volume (depending on what you are measuring) would drop by just 0.8% and not 80%.
See also: The Data Dr. Bawumia Wants To See To Reverse The E-levy
What is important in this whole affair is that a service that was experiencing a GROWN rate of 140% in Marc 2021, today, BECAUSE OF E-LEVY has seen a mind-boggling NEGATIVE 13% DECLINE.
The amount of wealth wiped away by E-levy is stupendous. Especially if one also factors in inflation. What has happened is the total MURDER of an emerging industry.
See also: Help Reverse The E-levy. Telcos Are Doing Their Part.
A simple way to understand the wealth being destroyed by the E-levy that factors in inflation somehow is to compare MoMo use in April 2021 to its use today in dollar values.
In April 2021, the total value of MoMo transactions amounted to about $15bn. Last month, June 2022, MoMo use fell to $9bn.
See also: 4 Ways To Avoid Paying E-Levy
This is a 40% decline in REAL VALUE that will radiate across the telecom networks, the agent network and the fintech ecosystem! Because as the total value of transactions drops, so does fees and charges and, thus, the revenues and profits of everyone in the industry! They will spend less, meaning less activity in the economy and lower taxes overall. As some revert to cash, their cost of doing business increases, leading to broader inflation rises and even lower productivity. These are additional adverse impacts!
Such destruction of wealth creation in a country should not be towed with, through reckless propaganda.
See also: All GNAT Members Invited To Join One Telegram Platform
By: Selorm Branttie, Bright Simons, Theo Acheampong, Kofi Bentil, King Carl, Tornam Duho, Asare Dennis
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