Kofi Adams, Member of Parliament for Buem Constituency and Minister for Sports and Recreation, has called for the removal of the Electronic Levy (E-Levy), arguing that it undermines Ghana’s move toward a cashless economy and increases the financial burden of handling physical cash.
Speaking in an interview on GHOne, monitored by Newsnetgh, Adams highlighted the high cost of managing cash transactions, particularly the expense of printing new banknotes to replace damaged ones.
“If you look at the cost of reprinting notes, it is so high. Physically handled cash becomes dirty and worn out within a short time, and then we must reprint. This is a burden on the system,” he stated.
Adams explained that a cashless economy would reduce reliance on physical money, cutting down on printing costs and improving efficiency. However, he criticized the E-Levy for discouraging digital payments, which are central to achieving this goal.
“When you buy fuel and pay with mobile money, you are charged more. But if I pay with cash, there’s no extra cost. Where is the motivation to go cashless when you’re penalized for doing so?” he questioned.
Adams emphasized the need to remove the E-Levy to promote digital transactions and ease the financial strain on the economy.
