{"id":99074,"date":"2025-10-17T22:21:34","date_gmt":"2025-10-17T22:21:34","guid":{"rendered":"https:\/\/sotnews.agency\/?p=99074"},"modified":"2025-10-17T22:21:34","modified_gmt":"2025-10-17T22:21:34","slug":"we-have-not-been-directed-by-government-to-levy-7-tax-on-card-transactions-gab","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=99074","title":{"rendered":"We have not been directed by government to levy 7% tax on card transactions \u2013 GAB"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 17 Second <\/div>\n\n <\/div>
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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.<\/p>\n

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).<\/p>\n

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.<\/p>\n

\u201cI 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,\u201d Mr. Awuah stated.<\/p>\n

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.<\/p>\n

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.<\/p>\n

\u201cThe directive had nothing to do with taxation,\u201d he clarified.<\/p>\n

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.<\/p>\n

Market assurance<\/p>\n

Addressing concerns that the news could discourage debit card use, Mr. Awuah downplayed any potential impact.<\/p>\n

\u201cOur member banks communicate clearly with their customers, and their pricing guides are transparent. Moreover, customers are unlikely to notice any difference in transaction pricing,\u201d he noted.<\/p>\n

He emphasised that, \u201cIn effect the Bank of Ghana\u2019s notice to banks rather resulted in reduction in the charges to the cards of customers\u201d<\/p>\n

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

\u201cI 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,\u201d he said.<\/p>\n

He encouraged customers to always refer to official sources for accurate information:<\/p>\n

\u201cWe encourage the public to visit their banks\u2019 websites or branches to review the latest policy updates and obtain accurate information\u201d he said\u00a0<\/p>\n

On the way forward, Mr. Awuah advised Ghanaians to be cautious about financial information circulated online.<\/p>\n

\u201cAlways verify such claims directly with your bank or trusted institutions like the Ghana Association of Banks before sharing or acting on them,\u201d he advised, warning that \u201cmisinformation can cause unnecessary panic and confusion.\u201d<\/p>\n

\u201cIt\u2019s important to rely on official channels for accurate and up-to-date information,\u201d he concluded.<\/p>\n<\/div>\n

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