The President of IMANI Africa, Mr Franklin Cudjoe, has stated that any policy of government that will result in wealth creation reduction such as the case of the E-LEVY should not be toyed with.
According to Mr Franklin Cudjoe, the available data indicated that since the introduction of the E-Levy, momo transactions have drastically reduced. He lamented that the momo industry was striving at a very promising rate until government introduced the tax on momo transactions. He added that such destruction of wealth creation in a country should not be toyed with."
Mr Franklin Cudjoe argued that the government nor individuals should not make propaganda with the case of Momo transaction reduction because it has affected livelihoods. He added that a research by his team revealed a worrying situation that has resulted in reduction in wealth creation and therefore, government must take a serious look at it.
Mr Franklin Cudjoe said "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.
He continued that a "simple way to understand the wealth being destroyed by eLevy that factors in inflation somehow is to compare MoMo use in April 2021 to its use today using dollar values.
The IMANI President further cited that reduction in just the month of June and it's worrying. He said "total value of MoMo transactions amounted to about $15bn. Last month, June 2022, MoMo use fell to $9bn.
Mr Franklin Cudjoe concluded that "Such destruction of wealth creation in a country should not be toyed with through feckless propaganda."
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