Finance Minister, Ken Ofori-Atta has disclosed that the proceeds from the Electronic Transfer Levy (E-Levy) are woefully below projected numbers.
He said, the levy is currently bringing in about 10% of the projected 600 million cedis monthly. He put the shortage down to leakages and exemptions.
“We expected to raise some GHC600 million a month or so and we are barely 10% of that given the leakages and the exemptions that we have given.
“So, that will be investigated and we should be able to plug those holes and that will be helpful,” he stressed in an interview on Joy News’ PM Express programme on July 28.
He said government has been lucky with regards to oil revenue, “that will be another GHC6 billion,” monies that he said will help plug the shortages with the E-Levy.
According to the 2022 mid-year budget review he presented to Parliament earlier this week, it emerged that the initial target for E-Levy as stated in the 2022 budget document was ¢6,963,386,254 but was readjusted in the budget review to 611,000,000.
