The Bank of Ghana (BoG) is urging the public to ignore misinformation circulating on social media regarding supposed new taxes on international card transactions.
According to sources close to the Central Bank, viral reports claiming the government has instructed banks to deduct a 7% tax on Visa and MasterCard payments made outside Ghana are entirely false.
“The public is advised to disregard these claims and consult the Bank of Ghana directly for accurate information, especially on issues related to banking and payments,” a source indicated.
Clarifying the situation, the Bank explained that international card transactions may carry an issuance fee, a standard charge that covers the cost of acquiring, processing, and settling foreign currency payments.
This is not unique to Ghana and is common practice globally.
However, recent monitoring by the BoG revealed that some banks were charging customers between 6% and 14% as issuance fees rates the regulator deemed excessive.
In response, the Bank of Ghana has introduced a regulatory cap, limiting such fees to a maximum of 7.5%. This move aims to standardise charges and protect consumers not to impose a new tax.
“This is not a tax,” the Central Bank emphasised.
“It is a ceiling placed on an existing fee to ensure fair and transparent pricing.”
The BoG added that the new limit is competitive within the West African subregion, with several banks in Ghana already operating below the 7.5% cap.
