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E-levy Delivering Only 10% of Estimated Revenues; Debt Levels Dangerously High – Gabby ‘Cries’ Over Economy
A member of the ruling New Patriotic Party Party (NPP), Gabby Otchere-Darko, has cried over the state of revenue generation in the country.
According to him in a tweet Monday morning, “after 5 months of stalemate and bashing, the e-levy, after implementation, is delivering only 10% of estimated revenues”.
” . . Our revenues remain very low as compared to the rest of the world; debt levels dangerously high, cedi like most currencies, struggling against the dollar . .” he tweeted.
IMANI Research
Researchers at IMANI Africa are predicting that government’s quest to raise some ¢4.5 billion from the Electronic Transactions Levy (e-levy) is not likely to be met.
This is because most Ghanaians sampled in a survey say they have drastically reduced their mobile money transactions since May 1, when the tax law was implemented.
The government pushed through the levy despite heated opposition with experts warning of a reduction in usage of mobile money platforms.
IMANI Africa, a think tank, has been investigating this. Data was collected through a survey of 1,677 people from May 31 to June 17.
According to IMANI, “85.9 per cent of pollsters indicated that they are not in support of the mobile money transaction, and 13 per cent indicated that they are somehow in support.”
King Carl Tornam Duho, a researcher at IMANI Africa, said, “only 7.6 per cent say they are not using Mobile money for transactions at all.”
Meanwhile, a Principal Revenue Officer and Head of the Project Management Unit for GRA, Isaac Kobina Amoako, say it is too early for firm conclusions to be drawn on the impact of the levy.
This, according to him, is because data is still being churned.
Ghana in a perilous debt situation under NPP – Kwabena Duffour
A former Governor of the Bank of Ghana (BoG), Dr. Kwabena Duffuor, has said the ruling NPP must be humble enough to admit that the country is currently facing a perilous debt situation.
In a note, he pointed out that the NPP government has borrowed more in the six years than the erstwhile NDC administration did in eight years.
Dr. Duffour was responding to claims made by the Majority Leader, Osei Kyei-Mensah-Bonsu, which suggested the NPP’s borrowing was better than the NDC’s.
“Ghana’s public debt stock stood at GH¢351.8 billion as at end-2021. The debt stock increased from GH¢9.8 billion in 2008 to GH¢36.0 billion in 2012 and then to GH¢122.3 billion at end-2016. By the end of 2021, the debt stock had reached GH¢351.8 billion,” he noted.
This, he said, means that “the NPP Government from 2001–2008 left a debt stock of GH¢9.8 billion in 2008 and that “under the current NPP Government, the debt stock has increased by GH¢229.5 billion from 2017–2021.”
He further stated: “Does the Majority Leader of Ghana’s Parliament not know these facts, and is this what supports his claim that the NPP has a better borrowing record than the NDC?
“Or is the Majority Leader peddling falsehoods in order to play politics during what can be considered one of the most dire times in our nation’s history? Whatever the reasoning behind the majority leader’s statements, the facts show that they are false and should be corrected as publicly as they were stated.”
Dr. Duffour, therefore, urged the NPP to be humble and admit that “things have not gone to plan over the last 5–6 years of the NPP Government and the country is in a more perilous debt situation today than at any time between 2009–2016.
“Such an admission would hopefully then establish a basis to rally all Ghanaians towards finding lasting solutions,” he added.
Source: Peacefmonline.com
The Global Network of Export-Import Banks and Development Finance Institutions (G-NEXID) successfully held its sixth (6th) Exchange Programme, hosted by the Ghana Export – Import Bank (GEXIM) Bank in Accra from March 22 to 23 March.
The event brought together member institutions, partner organisations and Ghanaian public entities to advance dialogue on South-South trade, investment and development finance, while also creating opportunities for knowledge-sharing and institutional cooperation.
Organised as a capacity-building and networking platform, the 2026 edition of the G-NEXID Exchange focused on GEXIM’s experience in developing innovative solutions to promote intra-African and extra-African trade.
It also highlighted trade and investment opportunities in Ghana, particularly in the context of the African Continental Free Trade Area (AfCFTA) and broader national development initiatives.
The Exchange Programme forms part of G-NEXID’s mandate to foster cooperation among export-import banks and development finance institutions in support of South-South trade and investment.
This 6th edition follows earlier successful programmes hosted by India Exim Bank (2016), BNDES (2017), Indonesia Eximbank (2018), Afreximbank (2019) and Saudi EXIM Bank (2025).
On the first day, participants were presented with G-NEXID institutional information and received an update on the Network’s 2026 work programme.
There were a series of substantive presentations, including an overview of the Ghanaian economy by the Ministry of Finance, with particular attention to debt-related challenges; a presentation by the Ghana Investment Promotion Centre (GIPC), on investment opportunities in the country; and institutional presentations by GEXIM and Development Bank Ghana (DBG) on their respective mandates, initiatives, products and services.
Discussions during the sessions underscored strong interest in sector-focused webinars and business dialogues, particularly in agribusiness value chains such as poultry and rice.
Participants also emphasized the importance of continued information exchange and the sharing of best practices, especially in the area of guarantees.
The second day opened with a presentation on the 24-Hour Economy and Accelerated Export Development Programme, a national economic transformation strategy launched by President John Dramani Mahama in July 2025.
The initiative aims to enhance economic productivity through continuous industrial activity, accelerated export development and strategic import substitution.
As the programme is expected to mobilise both private and development capital, it presents concrete opportunities for G-NEXID members in areas such as co-financing, guarantees, trade finance and technical cooperation.
The programme also featured institutional presentations by guest organisations, namely the African Guarantee and Economic Cooperation Fund (FAGACE) and the West African Development Bank (BOAD), which shared their mandates, initiatives, products and services.
Following these exchanges, the G-NEXID Secretariat held bilateral discussions with both institutions as part of the Network’s ongoing membership drive.
Participants further benefited from a presentation by the Eastern and Southern African Trade and Development Bank (TDB), as well as a showcase of GEXIM’s key pipeline projects.
On the margins of the Exchange Programme, G-NEXID members also held their 20th Annual General Assembly Meeting to review progress and discuss strategic priorities.
Following the event, participants joined the GEXIM@10 International Conference, held from March 24-25, 2026 under the theme, “A Decade of Enabling Export Trade and Industrial Transformation: Resetting GEXIM for the Next Frontier.”
The conference provided an important platform for exploring how Ghana can strengthen its transition from a primary commodity exporter to a more competitive player in value-added trade and industrial development.
Source – G-NEXID
President John Dramani Mahama on Tuesday, March 31, 2026, signed five bills including three amendment bills passed by Parliament into law.
They are: Security and Intelligence Agencies Bill, 2025; University of Engineering and Agricultural Sciences Bill, 2025; Ghana Deposit Protection (Amendment) Bill, 2025; Growth and Sustainability Levy (Amendment) Bill, 2026; and Education Regulatory Bodies (Amendment) Bill, 2026.
In a brief remark after assenting to the bills, President Mahama explained that the Security and Intelligence Agencies Act, 2026, scraps the Office of Minister of National Security and frees the President’s to appoint any Minister to supervise the security agencies.
He said it also reverses the name of the office of National Intelligence Bureau (NIB), to the original name, Bureau of National Intelligence, (BNI).
This the President said, addresses the confusion between that security agency and a well-known Ghanaian financial institution, the National Investment Bank.
President Mahama also noted that the University of Engineering and Agricultural Sciences Act, 2026, establishes another University in the Eastern Region, at Bonsu, with three campuses – the main campus at Bonsu in the Eastern Region, with the second campus to be cited at Ohawu in the Oti Region.
The third, the Presdient assed will be located at Acherensua in the Ahafo Region.
Touching on the Amendment to the Growth and Sustainability Levy Act, the President said, “As you’re aware, the act was amended to increase it from 1% to 3%, and so this act reduces it again. That is the levy on mining companies. It reduces it again to 1%, because of the introduction of the sliding scale of royalties.”
He also spoke to the passage of the Government Education Regulatory Bodies Amendment Act, emphasising that amends Act 1023 to grant greater flexibility to private tertiary institutions and the option to Charter.
The Ghana Deposit Protection Amendment Act, the President concluded, is an amendment to an original act that was supposed to guarantee deposits held in commercial banks or financial institutions.
It basically expands protection to include mobile money wallets and other digital platforms, ensuring a wider scope of digital financial assets are secured.
The signing ceremony, was witnessed by the Clerk of Parliament, Mr. Ebenezer Ahumah Djietror, Secretary to the President, Dr Callistus Mahama, the Minister of Justice and Attorney General, Dr Dominic Akrutinga Ayine, Chief of Staff, Julius Debrah, Joyce Bawa Mogtari, a Senior Presidential Advisor and a Special Aide to the President, Finance Minister, Dr Cassiel Ato Baah Forson, and the Vice President, Professor Jane Naana Opoku Agyemang.
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