Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, says the central bank’s non-interest banking framework is aimed at expanding financial inclusion, consumer choice and sector growth, not introducing religion into Ghana’s banking system.
Speaking during an engagement with members of the Ecumenical Society at Bank Square in Accra, Dr. Asiama said concerns expressed by sections of the Christian community about non-interest banking were legitimate and deserved clear answers.
“We are here to listen, answer your questions directly and understand what more the Bank must do to carry the public along,” he said.
The Governor explained that non-interest banking is already recognised under Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), and that the Bank of Ghana’s role is solely regulatory and supervisory.
According to him, the framework allows licensed institutions to offer non-interest banking services alongside conventional banking, rather than replacing existing banking models.
Dr. Asiama noted that over the past year the central bank had undertaken extensive consultations with key Christian bodies, including the Christian Council of Ghana, the Ghana Pentecostal and Charismatic Council, the Ghana Catholic Bishops’ Conference, the National Association of Charismatic and Christian Churches, as well as various churches and Christian civil society organisations.
The engagements, he said, highlighted the need for an inclusive framework and public communication that respects Ghana’s religious diversity while making it clear that non-interest banking products are available to all citizens regardless of faith.
As part of efforts to improve public understanding, the Bank published an exposure draft of the framework in December 2025 and later issued the final Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana in January 2026, after considering comments from stakeholders.
The Governor added that the central bank has since produced public education materials, including documentaries and frequently asked questions documents, to explain the framework and its governance arrangements.
Dr. Asiama said the Bank’s interest in non-interest banking is driven by the potential economic benefits, particularly its ability to expand access to financial services, increase product diversity and strengthen consumer choice.
He explained that non-interest banking avoids the payment and receipt of interest, excessive uncertainty, gambling and investments in prohibited activities, while promoting transactions backed by real economic activity and productive assets.“The products are structured differently but remain commercial financial products,” he said, adding that the system is guided by principles of fairness, transparency, equity and risk-sharing.
The Governor also sought to allay concerns over regulatory oversight, emphasising that non-interest banking institutions will be subject to the same licensing, governance and supervisory standards that apply to conventional financial institutions.
“No person may carry on non-interest banking business without a Bank of Ghana licence,” he stressed.
Dr. Asiama further disclosed that the Non-Interest Financial Advisory Council (NIFAC), established and inaugurated on August 18, 2026, has begun supporting the implementation phase of the framework.
The five-member council, which includes at least one independent member and one woman, will provide technical advice to the Bank on the regulation and supervision of non-interest banking institutions.
However, he emphasised that the council’s advisory role does not override the Bank’s regulatory authority or transfer supervisory powers to any religious organisation.
Describing the establishment of NIFAC as a key milestone, Dr. Asiama said it reflects the transition from policy development to implementation and supports the creation of a more inclusive and diversified financial sector.
He reaffirmed the Bank of Ghana’s commitment to transparency, consumer protection, sound governance and regulatory integrity, stating that properly implemented non-interest banking can complement conventional banking, mobilise productive investment and contribute to Ghana’s socio-economic development.
The Governor urged stakeholders to continue engaging with the central bank, saying public education must remain a two-way process to address concerns and improve understanding of the framework.
“Those who wish to use these products may do so with confidence while those who prefer conventional banking may continue as before,” he said.
By: Christian Akorlie / businesspostonline
