BoG dismisses claims of 7% tax on international card transactions
By Praisebell Rosemond Larbi
The Bank of Ghana (BoG) has urged the public to disregard reports circulating on social media alleging that the government has introduced a 7 per cent tax on international card transactions involving Visa and MasterCard.
The Central Bank said such claims are false and misleading and have no basis in any directive or policy from either the Bank of Ghana or the Government of Ghana.
“The public is advised to disregard the misinformation circulating on various social media platforms and rather reach out to the regulator for clarity on such issues, especially when it comes to banking and payment industry matters,” a source noted.
The clarification follows viral posts suggesting that banks were acting on new government instructions to deduct a 7 per cent charge on all international card transactions.
Clarity from the Central Bank
Explaining the issue, the Bank of Ghana stated that international card transactions typically attract an optional issuance fee, which covers the cost of acquiring, processing and settling transactions conducted in foreign currency.
The Bank emphasised that this is a standard industry practice applied globally and not unique to Ghana.
However, a recent review by the regulator revealed that some commercial banks were charging issuance fees ranging from 6 per cent to 14 per cent, which the Central Bank deemed excessive.
As a result, the BoG issued a directive capping the maximum allowable fee at 7.5 per cent of the value of any international card transaction.
This move, the Bank explained, is not a new tax but a regulatory measure designed to standardise and limit fees charged by banks to ensure transparency and consumer protection.
“The new measure is meant to prevent overcharging and to align Ghana’s card transaction fees with regional standards,” the source stressed.
The BoG also clarified that many banks are already charging below the new 7.5 per cent ceiling, and customers are unlikely to see any increase in fees as a result of the policy.
The Central Bank further encouraged the public to seek clarification directly from banks or the Bank of Ghana before sharing or acting on unverified financial information.
“False information can cause unnecessary panic within the financial system. Official communications from the BoG remain the most reliable source for updates on monetary and banking matters,” the Bank cautioned.
