Ghana's central bank denies that it will introduce cybersecurity levy as claimed on social media

IN SHORT: The Bank of Ghana says there is no truth to social media posts claiming it will introduce a 1% cybersecurity levy.

Several posts on social media claim that the Bank of Ghana is set to introduce a 1% cybersecurity levy on all banking transactions.

The Bank of Ghana, the West African country's central bank, is responsible for formulating and implementing monetary policy and for regulating, supervising and controlling the banking and credit system.

Cybersecurity is the protection of computer systems, networks and data from theft, damage or unauthorised access.

A 7 May 2024 post, published by a Facebook account with over 380,000 followers, reads: "JUST IN: Bank Of Ghana set to introduce 1% cybersecurity levy on all banking transactions."

The claim started circulating after the Central Bank of Nigeria directed banks and other financial institutions to implement a 0.5% cybersecurity levy on electronic transfers. Nigerians took to social media to express their dissatisfaction with the levy.

The claim can be seen here, here and here.

But has Ghana's central bank followed suit and announced a 1% cybersecurity levy? We checked.

'Please disregard,' says bank

Africa Check visited the Bank of Ghana's website and found no announcement of a 1% cybersecurity levy.

Such a development would have made headlines in Ghana. But we found no reports of the announcement from any credible media organisation.

The bank posted a screenshot of the claim on X (formerly Twitter) with the words "FAKE PLEASE DISREGARD" written in red.