I will replace E-Levy with E-Sika to give every Ghanaian common prosperity – Independent Candidate

Independent Presidential Candidate in the 2024 Presidential Election, George Twum-Barimah-Adu has disclosed that he will replace the Electronic Transaction Levy (E-Levy) with E-Sika to create automatic savings and pension for every Ghanaian as they spend.

The Electronic Transfer Levy Act, 2022 (Act 1075) and Electronic Transfer Levy (Amendment) Act 2022 (ACT 1089) impose a levy of 1% on electronic transfers which is charged to the transferor at the time of transfer.

Thus, any transfer to or from a mobile money account or from a bank account of a person is subjected to the Levy. These include: Mobile money transfers done between wallets on the same electronic money issuer, transfers from a wallet on one electronic money issuer to a recipient on another electronic money issuer, transfers from bank accounts to mobile money wallets, Transfers from mobile money wallets to bank accounts, bank transfers on an instant pay digital platform or application which originates from a bank account belonging to an individual.

He told Blakk Rasta in an interview on the 3FM Urban Blend show on Friday 11th October, 2024 that unlike the E-Levy that takes money from the people and gives it to the government, the E-Sika which his regime is bringing would credit the taxes on electronic spendings to the individual’s account as savings and pension.

“With E-Levy the government takes your money and it goes into the government’s coffers but with E-Sika, my government takes that same money but it comes directly to you the person who spent that money. It is linked to your Ghana Card; so every day you spend money, you are saving” he stated.

According to the Independent Presidential Candidate, the money will be saved in three parts; one part for pension that would be given to the beneficiary as lump sum when he or she attains the pension age of 60 years. Another part will go into housing so that everybody can have their own mortgage house, and the other part is for welfare and  would be paid to the beneficiary in every twelve months.

Mr. Twum-Barimah-Adu further disclosed that the deductions will not go to the Social Security and National Insurance Trust (SSNIT) but to a ‘tier two’ fund manager.

“So for the first time, every Ghanaian whether you are an ‘aboboyaa driver’ a coconut seller, head potter, or whatever would for the first as Ghanaian have pension because as you spend, you are saving. This is how I am bringing common prosperity to everyone” he reiterated.

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