Dr. Cassiel Ato Forson
The Finance Minister-Designate, Dr. Cassiel Ato Forson, has vowed to abolish the controversial Electronic Transfer Levy (E-Levy) if he is approved as Minister.
He has accordingly reaffirmed his opposition to the levy, describing it as an improperly conceptualized tax that hinders the development of Ghana’s cashless economy and fintech growth.
“I championed the opposition against the E-Levy and still stand by that position,” he stated during his vetting in Parliament.
“The E-Levy is neither a direct tax, an indirect tax, nor an excise tax—it defies proper classification. While I acknowledge the revenue it generates, the E-Levy is counterproductive to achieving a cash-light economy,” he added.
Dr. Forson assured Ghanaians that, if approved, the E-Levy would be abolished within 120 days as part of the first budget of the Mahama administration.
He reiterated the National Democratic Congress (NDC)’s commitment to this goal, pointing out that it aligns with President John Dramani Mahama’s 120-day economic agenda.
On replacing the revenue lost from the E-Levy, Dr. Forson stressed the importance of expenditure control.
“It’s not always about revenue; we must also look at expenditure. We will implement a strong, expenditure-based fiscal consolidation agenda without harming growth or the vulnerable,” he explained.
He emphasized that the NDC’s approach would protect social protection programmes and prioritize inclusive growth.
“As a Social Democrat, I will ensure that spending is targeted, wasteful expenditures are cut, and the vulnerable in our society are safeguarded,” he said.
Dr. Forson also highlighted his extensive experience in the country’s economy, promising policies that reflect the needs of ordinary citizens.
“I understand the dynamics of the political economy and the needs of our people. Any policy we introduce will drive inclusive growth and help all Ghanaians,” he assured.
By Ernest Kofi Adu