Bank of Ghana clarifies non-interest banking is open to all customers

The Bank of Ghana is positioning its upcoming non-interest banking framework as a financial-sector reform aimed at increasing consumer choice and financial inclusion, rather than a religious initiative. Governor Dr. Johnson Pandit Asiama has clarified that these financial products will be available to all citizens regardless of their religious faith or affiliations.

The central bank is engaging with religious leaders, including members of the clergy, to address concerns that the model—often associated globally with Islamic finance—might be intended specifically for Muslim customers. Dr. Asiama emphasized that the bank’s mandate is to regulate financial institutions and products, stating, “The bank does not pronounce on religious beliefs, not at all. Our responsibility is to regulate the institutions and the products that are offered.”

Non-interest banking operates by avoiding conventional interest payments, instead utilizing commercial arrangements such as asset-based financing, leasing, partnerships, trade, or risk-sharing mechanisms. The framework seeks to diversify Ghana’s financial system and provide options for individuals or businesses that prefer alternatives to traditional interest-based products.