The government must utilise proceeds from the Electronic Transfer Levy (E-Levy) judiciously to boost the confidence of Ghanaians, Prof Lord Mensah, an associate professor at the University of Ghana Business School has said.
The government has so far realised roughly GHC60 million from the E-Levy, far below the projected GHC600 million.
“We need to focus on ensuring that the little that is coming from the E-Levy will be seen and felt by the Ghanaian to instill confidence,” Mensah said on The Asaase Breakfast Show on Tuesday (28 June). “This is essential.”
“I indicated some time ago that if we are able to prove to Ghanaians that the little that we have is going into something visible for them… it will whet the appetite of the levy payer,” Mensah told the show host, Kwaku Nhyira-Addo.
He added: “It is clear that we need to show better discipline in the expenditure side of governance… we must tighten our belts.”
Mensah said it is too early to write down gains from E-Levy because the projected revenue was not met two months into its implementation.
“I believe that we should give the E-Levy some time. Let’s wait because our economy is not an island and global standards still impact us… the IMF may not be what may save us.
“Such policy uncertainty can never be utilised to build a country’s economy as it does not instill confidence in investors,” Mensah said.