The Ghana Association of Banks (GAB) has denied receiving any directive from the government to impose a 7% charge on all international transactions made with debit cards by consumers in Ghana.

This follows social media posts and reports from some media outlets suggesting that commercial banks were implementing the charge based on instructions from the government and the Bank of Ghana (BoG).

Responding to questions from Joy Business on October 17, 2025, the Chief Executive of the Ghana Association of Banks, John Awuah, described the reports as false.

“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,” Mr. Awuah stated.

He added that while e-commerce transactions could have tax implications, no such directive has been received from either the Bank of Ghana or the Government of Ghana.

Mr. Awuah further explained that this may have stemmed from a misunderstanding of a recent regulatory directive which instructed banks to standardise their pricing models for payment card transactions.

“The directive had nothing to do with taxation,” he clarified.

According to him, the measure was introduced to promote clarity, consistency, and consumer protection in the pricing of foreign currency transactions on international cards. In fact, it resulted in a reduction in fees charged by banks for cross-border card transactions.

Market assurance

Addressing concerns that the news could discourage debit card use, Mr. Awuah downplayed any potential impact.

“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 noted.

He emphasised that, “In effect the Bank of Ghana's notice to banks rather resulted in reduction in the charges to the cards of customers”

Mr. Awuah also assured the public that banks remain committed to transparency in all their dealings, particularly regarding the pricing of financial products.

“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 said.

He encouraged customers to always refer to official sources for accurate information:

“We encourage the public to visit their banks’ websites or branches to review the latest policy updates and obtain accurate information” he said 

On the way forward, Mr. Awuah advised Ghanaians to be cautious about financial information circulated 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, warning that “misinformation can cause unnecessary panic and confusion.”

“It’s important to rely on official channels for accurate and up-to-date information,” he concluded.