The Ashanti Regional Youth Network (ARYN), has requested the government to make it known, the percentage of the E-Levy proceeds allocated for youth development and job creation.
“A blueprint detailing how the generated levies will be disbursed, is of interest to the youth of this country to know the percentage allocated for youth development and a further breakdown of programmed action areas leading to the full realization of job creation and entrepreneurial development”, a statement issued by the Network in Kumasi stated.
It was signed by Ms Linda Fremah, President of ARYN, and a copy made available to Ghana News Agency (GNA) in Kumasi.
According to the statement a wide interaction with some youth focal persons pointed out that the Electronic Transfer Levy Act, 2022, Act 1075, could worsen the hardship Ghanaians were facing, especially the youth, a majority of whom have embraced government’s drive towards digitization and financial inclusion through a cashless economy.
It however, said the youth were comforted that portions of the proceeds from the levy were earmarked for entrepreneurship and job creation, targeted towards reducing the huge youth unemployment burden of this country.
The statement said there was the need for the setting up of a monitoring team to conduct continuous project evaluations in the utilization of the funds.
“This team, should be equipped and given a free hand to provide up to the minute information on the number of youths benefitting from the proceeds of the levy, where their businesses are located and how sustainable those businesses are”, it pointed out.
The statement demanded that the youth would be included in policies and decision making processes to engender sustainability of the E-Levy law.
It expressed concern about the panic withdrawals being made by some Ghanaians since the idea of the levy was proposed in November, 2021.
“In November last year, the actual value of Momo was about GH₵86 billion, it dropped by some 12 per cent to 76.2 billion in January this year,” it said.
The statement said although the President had accented to the levy, it was important to open up to further reviews and amendments of either the rates or the number of exemptions along the electronic transaction chain to reverse the undesirable reactionary response.