Communication and Digitalization Minister Designate, Ursula Owusu Akuful has blamed huge revenue loses in Ghana to emerging technology and financial transaction platforms that are taking away revenue from traditional revenue in-flows.
According to the out spoken minister designate, platforms such as mobile money and other digital platforms for calls have made it difficult for government to raise the needed revenue, as she urges the Finance Ministry and the Ghana Revenue Authority to take keen interest especially in the transaction fees charged by telecoms companies for mobile money transactions.
For any withdrawal of between GH¢ 1 to GH¢ 50 on some mobile money platforms, a client is deducted GH¢ 0.50. For any withdrawal above GH¢ 50, a fee of 1% is deducted from the money to be withdrawn. When sending any amount between GH¢ 1 to GH¢ 50, the sender is deducted GH¢ 2.50. Though some telecom companies have moved to introduce some packages for their mobile money clients, a move set to attract clients to their fold.
At her vetting by the Appointments Committee of Parliament, Ursula Owusu noted that huge revenues are being lost due to advancement in technology coupled with the failure of the state to take interest in such transactional platforms.
Citing mobile money transactions, the MP for Ablekuma West, said telecos made 124.5 million in January 2021 alone in transaction fees which is 1% of mobile money transaction fees adding 10% of the transaction fees if paid to government chest will be significant.
She further stated that revenue from the communication service tax is on the decline because calls through normal voice calls is on the decline due to emerging online platforms.
“We are already charging consumers for mobile money transactions and that is 1%. That revenue that they are getting from the transaction fees, I believe the GRA and the Minister for Finance ought to be interested in that. As I indicated, 124.5million in January alone in transaction fees for mobile money, if even the state is getting 10% of that per month, that’s 12.5million. That’s significant if you multiple over the year. I think we need to have those conversations in view of the fact that the state is losing revenue from the traditional revenue streams because of the evolution of technology, the number of people who make normal voice calls is declining and so the revenue that the state would have got from that through the communication service tax is declining”.
Madam Owusu called for revenue rationalization from the sector that will not over burden the industry but also ensure that government doesn’t lose the revenues generated from the sector.
