The Ghana Association of Banks (GAB) has firmly denied reports circulating on social media and some news platforms claiming that the government had di
The Ghana Association of Banks (GAB) has firmly denied reports circulating on social media and some news platforms claiming that the government had directed commercial banks to impose a 7% tax on all international card transactions.
The Association insists that no such directive has been issued by either the Government of Ghana or the Bank of Ghana (BoG).
The clarification follows widespread panic among debit and credit card users after several unverified online posts alleged that banks were preparing to implement new transaction charges on cross-border payments, allegedly under government instructions.
In a response to Joy Business on Friday, October 17, 2025, John Awuah, Chief Executive of the Ghana Association of Banks, described the reports as completely untrue and misleading.
“I can confirm that the Ghana Association of Banks and its member banks have not received any directive from the government or the Bank of Ghana to deduct any tax on card transactions,” Awuah stated emphatically.
He explained that while e-commerce and international financial transactions could attract legitimate fees depending on the service, there has been no introduction of a new 7% tax or any form of levy tied to government policy.
Clarifying the Source of Confusion
According to Awuah, the rumours appear to have originated from a misunderstanding of a recent regulatory directive issued by the Bank of Ghana to standardise the pricing framework for international card transactions across all banks.
That directive, he said, was purely aimed at ensuring transparency, fairness, and consumer protection—and in fact, resulted in a reduction in the charges applied by some banks.
“The directive had nothing to do with taxation,” Awuah clarified. “It sought to promote clarity and consistency in how banks price foreign currency transactions on international cards.”
The GAB CEO added that standardising fees across the industry was meant to protect consumers from arbitrary charges, not to burden them with new costs.
Market Reassurance and Consumer Confidence
Amid fears that the rumour could discourage customers from using debit or credit cards for online and international payments, Awuah reassured Ghanaians that there was no cause for alarm.
“Our member banks communicate clearly with their customers, and their pricing guides are transparent. Customers are unlikely to notice any difference in transaction pricing,” he said.
He emphasized that, contrary to the misinformation, the Bank of Ghana’s recent directive has rather led to reduced charges on foreign card transactions — a move meant to strengthen customer trust and promote the use of digital financial services.
Public Education and the Fight Against Misinformation
Awuah expressed appreciation to individuals and media outlets that sought clarification from credible sources instead of amplifying false claims.
“I would like to thank those who took the initiative to verify information with the Association and their respective banks after seeing the social media post,” he noted.
He urged customers to always verify financial information from their respective banks, GAB’s official communication channels, or directly from the Bank of Ghana, to avoid being misled by rumours and speculative posts online.
Background: A Wave of Financial Misinformation
This incident is not the first time Ghana’s banking sector has had to combat false online reports regarding taxes or charges.
Similar misinformation spread in 2022 and 2023 concerning the implementation of the Electronic Transfer Levy (E-Levy), leading to public uncertainty about mobile money and card transactions.
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