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Claim: Multiple reports allege that Ghana’s Central Bank is set to introduce a 1% cybersecurity tax on all electronic transactions.
Verdict: False. The Bank of Ghana has denied the claim, describing it as “fake.” The banking regulator has asked the public to disregard the report making the rounds on social media. Also, Ghanaian law requires any law that imposes tax or alters any existing tax to receive the approval of Parliament.
However, DUBAWA’s checks at the country’s law-making body showed that legislators had not passed such a tax in 2024.
Full Text
Multiple reports have said that the Bank of Ghana will be levying a 1% cybersecurity tax on all electronic transactions to all banks in the country.
“Bank of Ghana set to introduce a 1% cybersecurity levy on all banking transactions. This move comes in the face of increased cybersecurity risks in the country and worldwide,” an X (former Twitter) user wrote on May 7, 2024.
The X post by Ghana Chronicles has been reposted by several other users here, here, here, and here.
Data available on the social media platform showed that the posts shared by the Ghana Chronicles had 1,123 reposts, 419 likes, and 187 replies. Again, the post had been viewed 575 times, according to data available on X.
The claims on social media come after a similar tax was imposed in Nigeria.
DUBAWA decided to investigate the report due to the attention it has received in the West African country.
Verification
The Bank of Ghana has denied reports that it would be levying banking institutions a cybersecurity tax of 1% for all electronic transactions.
In a post on its social media, the central bank described the claim as “fake” and advised Ghanaians to disregard the report.
The reaction of the Bank of Ghana has widely been published by some reputable media organisations in Ghana, including Accra-based Citi FM, which reported on May 7, 2024, that:
“The Bank of Ghana (BoG) has denied reports of introducing a one per cent cybersecurity levy on all banking transactions. These allegations surfaced on social media following reports that the Central Bank was planning to impose a one per cent cybersecurity levy on all banking transactions due to increasing cybersecurity threats both locally and internationally.”
Also, Ghanaian law requires any bill that imposes tax or alters any imposed tax to receive the approval of Parliament and the consent of the President before implementation.
Article 108 of the 1992 Constitution of Ghana provides that:
“Parliament shall not, unless the bill is introduced or the motion is introduced by, or on behalf of, the President (a) proceed upon a bill including an amendment to a bill, that, in the opinion of the person presiding, makes provision for…the imposition of taxation or the alteration of taxation otherwise than by reduction.”
According to the provision of Article 108 of Ghana’s 1992 Constitution, the country’s Parliament is mandated to consider any bill that imposes taxation. However, DUBAWA’s checks with the Registry of the law-making house showed lawmakers had passed no such law in 2024 or previous years.
Also, a Google keyword search conducted by DUBAWA on the report revealed that no media organisation in Ghana has reported about the passage of such a bill by the country’s Parliament, considering its impact on the citizens.
DUBAWA later contacted the X user who first shared the post about his source of the report. However, the user has yet to respond to the message.
Conclusion:
It is, therefore, not true that Ghana’s central bank intends to levy banking institutions a 1% cybersecurity tax on all electronic transactions. The Bank of Ghana has disclaimed the report.
