Leader in the Mobile Money (MoMo) market has seen a drop in share value following the Akufo-Addo government’s rollout of the controversial Electronic Transfers Levy (E-Levy).
The telco has lost 18.9 percent off its price valuation from the beginning of the year and currently ranks at number 32 on the Ghana Stock Exchange (GSE) in terms of year-to-date (YTD) performance.
According to analyses, the drop is consistent with a slump that began about six months ago – around the levy’s announcement in November 2021 – and has seen the stock lose 29 percent of its value in that period.
The company which commands 80 percent of trades on the market, lost 10 percent of value over the course of the last four weeks.
Consequently, the GSE’s benchmark Composite Index (GSE-CI) – which gives a measure of the entire market’s performance – has dropped by 8.16 percent YTD… beginning the third week of May at circa 2,561.83 points.