17, 000 Momo Job Losses False

The Vice President of the Mobile Money Advocacy Group, Ghana Albert Otu Siaw has rubbished a survey projecting the collapse of 17,000 businesses since the introduction of the E-Levy tax, claiming it is false.

The Mobile Money (MoMo) Agents Association of Ghana (MMAAG) disclosed on March 12, 2025 that approximately 17,000 mobile money businesses across the country collapsed following the implementation of the electronic transaction levy (E-Levy) under the Akufo-Addo administration.

According to an internal survey conducted by the association, many agents abandoned their businesses due to multiple levy deductions on transactions, whether through banks or between fellow agents.

The E-Levy, introduced in 2022, imposed a tax on electronic financial transactions, including mobile money transfers, bank transactions, and even transfers between MoMo agents. From the onset, the tax faced widespread criticism, particularly from small businesses, informal sector workers, and low-income earners who rely heavily on mobile money for daily transactions.

According to the Mobile Money Agents Association of Ghana (MMAAG), an internal survey conducted after the levy was rolled out revealed that many agents struggled to sustain their businesses. The multiple tax deductions on transactions significantly reduced their operating capital, forcing many to close their businesses.

General Secretary of the association, Evans Otumfuo, earlier stated that the heavy taxation significantly reduced the working capital of many mobile money agents, forcing them out of business.

As a result, the association has welcomed the new government’s decision to scrap the levy, describing it as “counterproductive” to their businesses.

However, Vice President of the Mobile Money Advocacy Group, Ghana (MOMAG), Albert Out-Siaw in an interview on ZED 101.9 FM, challenged the Mobile Money Association of Ghana (MMAAG) to share data of their findings of their research for public consumption.

“I have seen the flier on the internet and as the world best organisation we do not side with this issue”, he stated.

“There is no empirical evidence to that effect if those who conducted that research have; they should share information they have so we can all consume it”.

“We all believe that payment of taxes is a major tool to drive the needed development of the country and for that matter; we always support anything that can trigger revenue for the country to develop”. “As we speak now we have no evidence MOMAG that is Mobile Money Advocacy Group, Ghana, we have no evidence to that effect and we still stand by our word that that is not entirely true.”