Ghana Banks Deny 7% Card Tax as Finance Ministry Marks Debt Breakthrough - Accra Business News

Ghana’s financial sector entered the week with a flurry of developments — denials, directives, and debt deals as remarked by a writer at Accra Business News— as the Ghana Association of Banks (GAB) refuted reports of a government-imposed 7% tax on card transactions, while the Ministry of Finance confirmed progress in restructuring the nation’s bilateral debt, and the Bank of Ghana (BoG) issued a bold call for environmental and social responsibility within the banking sector.

GAB Refutes 7% Card Transaction Tax Rumours

The Ghana Association of Banks moved swiftly to dismiss circulating claims that banks had received a directive to begin levying a 7% tax on debit and credit card transactions. In a statement on Friday sighted by Accra Street Journal, the association described the reports as “false and misleading”, assuring the public that no such policy has been communicated by either the government or the central bank.

“The Association wishes to clarify that there is currently no directive from the Ministry of Finance or the Bank of Ghana instructing banks to apply any tax on card transactions,” GAB said.

The group urged customers to verify financial information through official channels, warning that false social media reports could erode trust in Ghana’s formal banking system.

Industry analysts say the clarification was necessary amid heightened public sensitivity to new taxes following the implementation of the Electronic Transfer Levy (E-Levy) in recent years.

Finance Ministry Announces Major Bilateral Debt Restructuring

Meanwhile according to report by Accra Business News, the Ministry of Finance announced that Ghana had successfully restructured a substantial portion of its bilateral debt, marking another milestone in the country’s debt sustainability efforts under the International Monetary Fund (IMF) programme.

According to the ministry, the agreement covers key bilateral partners and is expected to provide medium-term fiscal relief while stabilizing Ghana’s macroeconomic outlook.

“This restructuring demonstrates Ghana’s commitment to restoring debt sustainability and maintaining the confidence of our development partners,” the ministry said in a statement.

Economists at Accra Street Journal note that progress on bilateral debt deals is essential to unlock further IMF disbursements and sustain the country’s fiscal consolidation roadmap for 2025.

BoG Pushes Banks Toward ESG and Climate Risk Management

In a separate development, the Bank of Ghana has directed financial institutions to integrate Environmental, Social, and Governance (ESG) principles into their risk management frameworks.

The directive, part of the central bank’s new climate-related financial risk guidelines, urges banks to look beyond short-term profits and align lending and investment decisions with sustainable development goals.

Deputy Governor Elsie Addo Awadzi emphasized that climate-related financial risks are no longer “theoretical,” warning that Ghana’s banking system must evolve to manage environmental shocks, sustainability standards, and ethical finance obligations.

“The future of banking lies in sustainability. Profitability must go hand in hand with responsibility,” she said.

The BoG’s policy aligns with global financial trends as central banks increasingly push lenders to account for climate risks, social equity, and good governance in their operations.

A Shifting Financial Landscape

Together, the week’s developments underscore the fast-changing nature of Ghana’s financial ecosystem — one that must navigate public trust, fiscal recovery, and global sustainability expectations simultaneously.

From restoring debt credibility to greening the banking system, policymakers and institutions appear united in steering the country toward a more resilient, transparent, and responsible economy.