MTN Ghana CEO, Stephen Blewett, has made it clear that the removal of the controversial Electronic Transfer Levy (E-Levy) cannot happen overnight due to regulatory procedures.
Speaking at the MTN House in Accra on Wednesday, April 2, Stephen said, “There’s a process that has to be followed,” Blewett said, addressing concerns about the E-Levy’s removal and the steps that must be taken. He emphasized that any change to the levy would require official approval.
“I can’t abolish E-Levy until I’m told to do it. If I do it ahead of time, the Bank of Ghana will catch me,” he added.
The E-Levy, introduced with the aim of generating revenue for Ghana’s economy, has not met expectations. Blewett revealed, “I read an article a few days ago, and in terms of what it actually delivered for the fiscals, it was not nearly as high as the predictions.”
Despite its underperformance, Blewett sees the abolition of the levy as a step forward for the mobile money sector, which has slowed down in growth since its implementation. “The reason for the abolishment of E-Levy is to encourage momentum in mobile money,” he explained, noting that before the levy’s introduction, mobile money was rapidly becoming a dominant financial tool, particularly among those without access to traditional banking services.
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“So that’s what [the removal] will deliver. It will get us back on a faster momentum,” Blewett said, expressing confidence that removing the levy will help the sector rebound.
While the announcement from the President marks the formal end of the E-Levy and other taxes, Blewett made it clear that the process for MTN and other financial institutions to adjust will take time. MTN, like other stakeholders, must wait for the official directive before making any operational changes.
“We will follow the process,” Blewett assured. “And once it’s gone, mobile money will regain its strength.”
Meanwhile, President John Mahama signed a series of amended bills into law on April 2, which included the abolishment of several taxes, such as the betting tax, E-Levy, and emissions tax. These changes mark a significant achievement for his administration in reshaping the country’s tax landscape.
