The President of IMANI Africa and his team has conducted a survey on the effect of the E-Levy on wealth creation reduction and have come to a conclusion that the amount of wealth wiped out by E-Levy is stupendous."
According to Mr Franklin Cudjoe, the available data proved that there have been a massive reduction in momo use which resulted in massive wealth loss. He noted that the situation is disturbing because, it is not just affecting governments inability to raise money as they see but also affecting livelihoods of the vast majority.
He cited that the case of last month alone and the figures are disturbing. He established that "In April 2021, total value of MoMo transactions amounted to about $15bn. Last month, June 2022, MoMo use fell to $9bn."
Mr Franklin Cudjoe said it worrying for the momo industry that experiencing superior growth to just drop completely like that. He urged that the issues is taken seriously because it is wiping away wealth.
He explained that "What is important to note in this whole affair is that a service that was experiencing a GROWTH rate of 140% in March 2021 today, BECAUSE OF E-LEVY, has seen a mind-boggling NEGATIVE 13% DECLINE.
Mr Franklin Cudjoe is his team concluded that "The amount of wealth wiped away by e-Levy is stupendous. Especially if one also factors in inflation. What has happened is the total MURDER of an emerging industry."
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