29th March, 2022 will forever be the day when Ghanaians gnashed their teeth and smiled right after. The day that the dreaded E-Levy Bill got passed by Parliament and Ghana qualified in a contentious match against Nigeria for her place at Qatar 2023.
Talk about a thrilling day.
What is the E-Levy?
“Electronic Transaction Levy” or “E-Levy” is a tax of 1.75 percent on electronic transactions above GHs 100 (US$16) per day. The levy will be applied to mobile money payments, bank transfers, merchant payments, and inward remittances.
Now that the E-Levy Bill has been passed into law many Ghanaians who depend on digital transactions will have to advise themselves accordingly. Nobody wants their already taxed money to be taxed. Again.
We came up with 5 smart ways you can keep your money now that the E-Levy Bill has passed.
1. Buy Treasury Bills.
Our Motherland’s administrators have given you incentive to start investing. Please, visit your bank or any financial service you patronise and start turning your E-Levy bills into Treasury bills. You should probably be proactive buy getting those bills in dollar bills. You don’t want a situation where the Ghanaian markets depreciate and you are left with a “I didn’t Cedis coming” look on your face.
2. Get a Susu Box
Reject modernity, embrace tradition. The time has come to go back to your roots. Kindly, buy a wooden Susu Box. If you are like me who is eco-friendly and a firm believer in every pesewa counts then please cut your tin container and make it your piggy bank.
3. Dig a hole and Bury the money.
Do it like our forefathers did. Dig a hole, seal the money tightly in rubber so it doesnt get worn out and then bury it. The money won’t sprout and grow. But at least it wont depreciate and it’ll still be there when you need it.
4. Money courier service
Looking to remit money to a loved one abroad or within Ghana? Afraid of E-Levy chewing most of the money? Then Sakofa back to using money courier services. Send money either through relatives or trusted family friends just like we did less than two decades ago. The classics have not failed us yet.
5. Just momo less than GHC99 per day
Let the system know that you’re an organ with sense. E-Levy shall not finish your money. Oya, show wisdom and momo only GHS99 a day. If the recipients want to complain tell them to come for the money from your house. T for thanks.