Ghana's parliamentary Minority has accused the governing National Democratic Congress (NDC) of attempting to circumvent formal legislative processes by introducing a 0.75% charge on mobile money transactions through regulatory and private sector arrangements.
Minority Leader Alexander Afenyo-Markin made the allegations during a press conference on Tuesday, May 26, claiming the government relied on the Bank of Ghana (BoG) and a private sector fintech company to implement the controversial levy on wallet-to-bank transfers.
"For the purposes of this levy, they are using the Bank of Ghana and a private sector fintech company as a vehicle to enforce this levy," Afenyo-Markin stated.
Levy Suspended After Public Backlash
The proposed charge was originally scheduled to take effect from June 1 but was subsequently suspended by the Bank of Ghana following significant public opposition. The suspension has not satisfied the Minority, which continues to question the process used to introduce the measure.
Afenyo-Markin emphasized that the proposed levy bypassed Parliament and the standard budgetary approval framework that typically governs such fiscal measures. He contrasted the current approach with previous administrations, noting that similar charges were historically introduced through the national budget and received parliamentary approval before implementation.
Call for Finance Minister Appearance
The Minority Leader has demanded that the Finance Minister appear before Parliament to explain the circumstances surrounding both the proposed charge and its subsequent suspension. This demand reflects broader concerns about transparency in the policy-making process.
"We are not interested in the suspension. We are interested in how this was introduced and why Parliament was not engaged," Afenyo-Markin declared.
The opposition leader stressed that Parliament must be fully involved in any policy that imposes charges on financial transactions, particularly given the critical role of mobile money in Ghana's financial ecosystem. Mobile money services have become increasingly important for financial inclusion across the country.
Central Bank Cites Stakeholder Consultations
The Bank of Ghana has officially announced that the levy has been suspended for further stakeholder consultations. However, this explanation has not satisfied the Minority, which maintains that the entire process raises fundamental questions about transparency and accountability in fiscal policy implementation.
The controversy underscores ongoing debates about the appropriate regulatory framework for Ghana's fintech sector. As mobile money adoption continues to grow, questions about taxation and regulation of digital financial services remain contentious issues requiring careful balance between revenue generation and financial inclusion objectives.
The Minority's allegations reflect broader concerns about executive overreach in fiscal policy, with opposition lawmakers insisting that Parliament retains its constitutional role in approving taxes and levies that affect Ghanaian citizens and businesses.