‘I might close my cement shop because of E-Levy’ – Zionfelix

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Zionfelix

Ghanaian blogger, Felix Adomako Mensah, known as Zionfelix has stated he may close down his cement business because of the electronic levy (E-Levy) implemented by Government.

The Blogger who now owns various businesses alongside Zion Studios has stated he informed the workers at his cement shop he may shut down the shop because the implementation of the E-Levy will let him run at a loss should he continue selling the products.

In an interview on the “Unscripted with Mr. Jibriel” on Y3 Kasa Tv (Youtube), the multiple award-winning Blogger made some calculations of his profits and loss which came out that, he will not get the chance to keep the shop running.

“I might close it because of E-Levy. Yeah, I won’t lie to you. I have started planning on how to close it and use the money for different businesses. If you look at the profit we are making which we get to pay workers with the profit, we will have to also use the same profit to transfer money to the cement company where at the end, the profit remaining will be deducted as E-Levy which will make me run at loss.”

Zionfelix went ahead to state that, at the point where Ghanaians and most Politicians were publicly arguing about the implementation of the E-Levy, he thought it won’t be taken to effect and put into action.

Watch the full interview below;

On 17th November 2021, the Minister for Finance announced during the presentation of the 2022 Budget Statement and Economic Policy of Government to the Parliament of Ghana, the introduction of an “Electronic Transaction Levy” or “E-Levy” of 1.75 percent on electronic transactions above GHs 100 (US$16) per day to take effect from 1st February 2022.

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The levy will be applied to mobile money payments, bank transfers, merchant payments, and inward remittances (MoF 2022 Budget Highlights). In March 2022, Ghana’s Parliament approved the bill with 1.50 percent taxation on electronic money transfers.

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