The Traders Advocacy Group Ghana (TAGG) has described as unfavorable the passage of the Electronic transaction levy (E-levy) on their daily business transactions.
Though not entirely against the policy, the group has since advocated against the module of the e-levy because the members say, it will only plunge the business community back into the era of cash-based transactions and their attendant problems.
General Secretary of TAGG, Yaw Poku in an interview with Citi Business News, said their members have agreed to shift from electronic money transactions to cash-based transactions in order to cut down cost.
“People are not happy generally. The traders are not happy at all. And it’s as if when we talk, they just refuse to listen, so they’ve also taken their decision that they will move back to cash-based transactions,” he revealed.
Only a few days after the passage and further assenting to the electronic transaction levy by the President, Mobile Money Vendors tell Citi Business News, they have observed what can be termed as panic withdrawals from the general public. This has been corroborated by the Traders Advocacy group Ghana.
Mr. Poku added that a greater disadvantage will be suffered by local manufacturers. This is because the traders say they may be forced to import goods with would otherwise have been sourced from a local producer, all to avoid charges from the e-levy.
“This law (E-levy) seeks to direct that a token is taken from the seed money that I’m using for my business. Some of us have started sourcing locally because the Ministry of Trade per the advice they give is to source from the local industries and work. But in this situation, you’re redirecting our attention to foreign sources again because, with that, I’ll carry my money by air and then go and transact my business”.