In recent days, social media in Ghana has been flooded with claims that the government has instructed banks to deduct a 7% tax on all Visa and Mastercard transactions. The viral posts, complete with logos and “breaking news” headlines, convincing enough to cause panic.
But here’s the truth: no such tax exists. There’s been no directive from the Bank of Ghana, the Ministry of Finance, or any government agency confirming this so-called charge.
So how did all this start? It turns out a few banks quietly sent messages to customers about new fees on international or cross-currency transactions. That, combined with poor communication and a fast-moving rumour, created the perfect recipe for confusion.
What the banks are saying
Some customers received notices from their banks, like Access Bank, which mentioned a 7.5% “bank fee” on cross-currency card transactions, supposedly in line with a Bank of Ghana directive. Others, like Republic Bank, talked about “revised tariffs” for foreign transactions without giving details.
It’s easy to see why people are worried. If there’s no public announcement, where are these directives coming from?
The real story behind the charges
Earlier this year, the Bank of Ghana did issue a circular, but it had nothing to do with Visa or Mastercard payments. That circular asked banks to apply a 5% fee on certain foreign currency cash withdrawals to discourage people from hoarding dollars and putting pressure on the cedi.
That’s very different from a tax on card payments or online purchases. What’s happening now is more about transparency than taxation.
The Ghana Association of Banks sets the record straight
When The High Street Journal reached out to Mr. John Awuah, CEO of the Ghana Association of Banks, he didn’t mince words:
“This is not a new tax. It’s not even a bank charge,” he said. “These are what we call interchange charges, fees that have always existed and are set by the platform providers like Visa, Mastercard, and UBI. The banks don’t keep this money.”
He explained that whenever someone uses their card for an international or online transaction, several fees kick in automatically, the interchange charge, an offshore interchange fee (OIF), and a currency conversion charge.
“They’ve always been there,” he said. “What’s changed is that the Bank of Ghana now wants banks to disclose them separately so customers can see exactly what they’re paying for.”
In the past, these fees were lumped together in one total debit. Now, banks are required to show the breakdown, the cost of the item, the interchange fee, the conversion fee, and so on.
“It’s just for disclosure purposes,” Mr. Awuah said. “Nothing new. It’s about transparency.”
Why the confusion?
Simply put, poor communication. Some banks sent fee update messages without clear explanations. Others used vague language that sounded like new taxes. Add in a fake viral post with government logos, and it spread like wildfire.
To make matters worse, official bodies have stayed largely silent, letting speculation fill the gap.
What cardholders should do
Until the dust settles, here’s what you can do:
- Check with your bank for official clarification.
- Ignore viral posts that don’t come from trusted media.
- Visit official pages of the Bank of Ghana or the Ghana Revenue Authority for verified updates.
- Keep transaction receipts so you can question any strange deductions.
Bottom line
There’s no 7% government tax on Visa or Mastercard transactions in Ghana.
The charges customers are seeing are old fees, just displayed differently because of new disclosure rules.
What’s really happening is a mix of better transparency, poor communication, and quick-spreading misinformation.
As Ghanaians rely more on digital payments, the least the banks and regulators can do is keep the public properly informed.
