Ghana non-interest banking sector implementation

The Bank of Ghana has initiated the establishment of a non-interest banking sector to promote financial inclusion and diversify the nation’s financial system. To oversee this implementation, the central bank inaugurated the five-member Non-Interest Financial Advisory Council (NIFAC), led by Prof. Bashir Aliyu Umar. The council is tasked with advising on regulation and supervision while supporting the Securities and Exchange Commission and the National Insurance Commission.

Governor Dr. Johnson Pandit Asiama has emphasized that non-interest products must meet strict standards for transparency and risk assessment, noting that these mechanisms operate through trade, leasing, and asset-backed transactions rather than being “free finance.”

In response to potential concerns regarding the religious associations of the model, the Bank of Ghana clarified that the framework is a financial-sector reform available to all citizens regardless of religious affiliation. Dr. Asiama stated, “The bank does not pronounce on religious beliefs, not at all. Our responsibility is to regulate the institutions and the products that are offered.” The bank aims to issue the first non-interest banking license by the end of 2026.