The Ghana Association of Banks (GAB) has dismissed claims circulating online that commercial banks in Ghana have begun applying a 7% charge on all international debit card transactions at the instruction of the government or the Bank of Ghana (BoG).
Recent posts on social media and reports by some media outlets had alleged that the levy was part of a new government tax policy targeting card users.
However, speaking to Joy Business on October 17, 2025, the Chief Executive of the Ghana Association of Banks, John Awuah, categorically refuted the reports, describing them as inaccurate 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,” John Awuah said.
According to Awuah, while online payments and e-commerce activities may have general tax considerations, neither the government nor the central bank has issued any new tax-related instructions to banks.
He clarified that the confusion may have arisen from a recent regulatory notice directing banks to harmonise their pricing structures for card transactions; a move meant to protect consumers, not impose taxes.
“The directive had nothing to do with taxation,” he explained, adding that the adjustment actually led to lower fees for foreign card transactions.
Awuah further noted that the measure aimed to ensure transparency and consistency across the banking sector, preventing discrepancies in how banks charge for international transactions.
He assured customers that there has been no increase in debit card fees and that, in many cases, clients may notice a reduction in cross-border transaction costs.
“In effect, the Bank of Ghana’s notice to banks rather resulted in a reduction in the charges to the cards of customers,” he emphasised.
Commenting on concerns that misinformation could affect consumer confidence, the GAB Chief Executive urged the public to rely on official communication channels for updates regarding banking charges and policies.
“Our member banks communicate clearly with their customers, and their pricing guides are transparent. Moreover, customers are unlikely to notice any difference in transaction pricing,” he said.
Awuah also expressed appreciation to individuals and media outlets that sought clarification before spreading unverified 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 added.
He encouraged Ghanaians to exercise caution and verify financial information before sharing it online.
“Always verify such claims directly with your bank or trusted institutions like the Ghana Association of Banks before sharing or acting on them,” he advised, cautioning that “misinformation can cause unnecessary panic and confusion.
“It’s important to rely on official channels for accurate and up-to-date information,” Awuah concluded.
SSD/AE
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