Ghana is expected to grant its first non-interest banking licence before the end of 2026 as the Bank of Ghana (BoG) advances efforts to establish a robust framework for the sector.
Speaking during the 130th Monetary Policy Committee press briefing at Bank Square, BoG Governor Dr. Johnson Asiama revealed that prospective institutions are actively working to satisfy the central bank’s regulatory requirements ahead of approval.
“We are hopeful that this year the first licence will be issued. The institutions involved are putting the necessary structures in place,” he stated.
Dr. Asiama stressed that the regulatory regime guiding non-interest banking has been designed to meet international best standards, assuring the public that adequate safeguards are being implemented.
“The framework is very stringent and aligned with global best practices, so there should be no concerns regarding regulation and supervision,” he noted.
According to the Governor, the central bank’s objective is to build a sustainable non-interest banking system capable of supporting long-term growth within Ghana’s financial industry.
He also commended Professor John Gatsi for his contribution to the development of the sector, indicating that substantial preparatory work has already been completed.
“A lot of groundwork has been done, and Professor Gatsi deserves recognition for the role he has played,” Dr. Asiama said.
He further disclosed that the Head of Banking Supervision at the Bank of Ghana remains closely involved in the implementation process and is available to provide additional clarification when needed.
The planned introduction of non-interest banking comes at a time when Ghana’s economy is showing signs of resilience despite persistent global economic challenges. Dr. Asiama explained that improving macroeconomic stability has created favourable conditions for introducing innovative financial products while preserving stability within the banking sector.
He added that the Bank of Ghana remains financially sound and fully capable of carrying out its regulatory responsibilities while encouraging innovation across the industry.
Non-interest banking, often linked to Islamic finance, operates on principles that prohibit the payment or receipt of interest. The system is expected to widen financial inclusion and offer alternative financing solutions for individuals and businesses.
In January 2026, the Bank of Ghana released operational guidelines for the regulation and supervision of non-interest banking institutions. The framework is intended to strengthen ethical finance, deepen financial inclusion, and provide a clear legal and operational structure for both new entrants and existing financial institutions seeking to operate in the sector.
Source: businesspostonline
