The Bank of Ghana (BoG) has urged the public to disregard misleading social media reports about new currency conversion rates on international card transactions.
Sources close to the Central Bank told Joy Business that the public should “ignore misinformation circulating on various social media platforms” and instead contact the regulator directly for clarification on banking and payment-related matters.
This follows viral claims suggesting that the government has directed banks to impose a 7% tax on international transactions made with Visa and MasterCard in Ghana.
Clarification from the Central Bank
According to the BoG, international card transactions may attract an optional issuance fee, which covers the cost of acquiring, processing, and settling transactions involving foreign currency. The Bank noted that this is a standard global practice, not unique to Ghana.
However, the Central Bank’s monitoring revealed that some local banks were charging issuance fees ranging between 6% and 14%, which it deemed excessive. As a result, the BoG introduced a cap, limiting such fees to a maximum of 7.5% of the transaction value for foreign currency payments.
The Bank emphasized that this measure should not be mistaken for a new tax on card transactions. Instead, it is a regulatory intervention aimed at standardizing and capping existing fees across the industry.
The BoG further explained that the new ceiling is in line with practices within the subregion, with some banks already applying charges well below the 7.5% limit.
