The government will cut the controversial Electronic Transfer Levy (E-levy) from 1.5 per cent to 1 per cent.
The Finance Minister stated that this action was intended to speed up our economic reform and restore macroeconomic stability.
The drop in the E-levy means that all small and significant transactions would be subject to a fee, according to Ken Ofori-Atta, who presented the 2023 budget statement to the House of Representatives.
He said that the evaluation mandated charging for all transactions since the prior threshold was insufficient to provide the government with the resources it sought.
"As a first step, however, the headline rate will be reduced to one per cent of the transaction value alongside the removal of the daily threshold," Mr Ofori-Atta stated.