President Akufo-Addo has assented to the Electronic Transfer Levy Bill (E-levy) which was approved by parliament on Tuesday, March 29, 2002.
Mr Akufo-Addo signed the Bill at the seat of government, the Jubilee House in Accra on Thursday, March 31, 2022.
This paves the way for the implementation of the levy which Finance Minister, Ken Ofori-Atta has indicated will take off in May.
Parliament approved the bill after the Consideration Stage was completed by a Majority-sided House.
This was a time the Minority Caucus staged a walkout during the proceedings over what they described as treacherous, hence did not want to be a part of it.
The Finance Minister, who was in the House, moved for an amendment of the percentage of the bill from 1.75% to 1.50%.
However, the Minority has filed a suit at the Supreme Court challenging the approval of the bill.
They have argued the House did not have the numbers to form a decision making quorum, hence the approval is illegal and unconstitutional.
The controversial levy will be a tax on electronic transactions, which includes mobile-money payments and will apply to charges more than GH¢100 on a daily basis.
Government has projected an extra GH¢6.9 billion in revenue generation in 2022 through the levy.