The Bank of Ghana (BoG) is fully prepared to implement the country’s non interest banking regulation after completing all structural arrangements and operational guidelines, Professor John Gatsi, Advisor to the Governor on Non Interest Banking, has announced.
He said only one final validation step at the Bank’s top management level remained before the regulatory framework is officially issued to guide financial institutions seeking to operate non interest banking windows. The announcement came during the Business Leaders’ Forum organized by the Association of Chartered Certified Accountants (ACCA) on the theme “Sustainability and Non Interest Banking in Ghana.”
The Forum formed part of ACCA’s broader efforts to promote financial sector innovation and support sustainable finance development. It convened senior business executives, policymakers and financial sector players to examine market readiness, policy alignment and strategic partnerships needed to scale up non interest banking in Ghana.
Professor Gatsi stated that the Bank had put in place all the structures and completed the guidelines, signaling that Ghana’s formal entry into non interest banking is imminent. The framework, when issued, will diversify the country’s financial architecture and reshape how trade, infrastructure and major projects are funded.
The rollout is also expected to create new employment opportunities across the financial ecosystem, particularly in the capital market. Conventional banks are already preparing to open specialized non interest banking windows, which will require staff trained in the operations and principles of the model. Venture capital and fintech activities are also projected to expand over time.
The Bank of Ghana is developing a carefully controlled framework with implementation planned in measured phases to ensure regulatory stability and market confidence. The phased approach excludes microfinance institutions, rural banks, and community banks from the first stage, allowing regulators to identify challenges early, strengthen compliance systems, and build institutional capacity before expanding to other financial sector segments.
The framework requires institutions to avoid names or branding that suggest religious association, whether Islamic or Christian, to preserve market neutrality. Non interest banking in Ghana will be driven by ethical financial practice and inclusivity rather than religious identity. The regulatory design includes two types of licenses: conventional banks wishing to offer non interest products will apply for a window license, while institutions planning to operate entirely under non interest principles will require a full non interest banking license.
Professor Gatsi stressed that government support for non interest banking had been consistent, adding that the new framework aligned with national initiatives to improve financial inclusion, especially for young people and women with limited access to conventional credit. He said the central bank was committed to implementing provisions on non interest finance embedded in policy frameworks since 2016, with the goal of positioning the sector as a contributor to broader economic development.
BoG is collaborating with the Securities and Exchange Commission (SEC) and National Insurance Commission (NIC) to harmonize regulations on Sukuk, which are non interest bonds, and Takaful, which refers to non interest insurance products. A joint committee has been formed to ensure synchronized guidelines across banking, capital markets, and insurance sectors.
To support the rollout, BoG hosted a capacity building program on December 1, 2025, targeting banks, insurers, and capital market players. The training focused on Sukuk structuring, non interest product development, licensing procedures, and governance models. The central bank is also working with professional bodies and academic institutions to embed non interest banking concepts into training programmes.
Mr Jamil Ampomah, ACCA’s Africa Director, said the institution’s strong interest in non interest banking stemmed from its potential to deepen access to finance and strengthen the foundations of inclusive economic growth. He said non interest banking offered opportunities to diversify financial products and scale up emerging segments such as green finance, which, though still developing globally, had shown strong commercial value.
According to him, the model provides fresh prospects for professionals and clients alike, creating new pathways beyond what traditional banking currently offers. Mr Ampomah noted that several African countries practicing non interest banking had recorded positive outcomes, with the expanded financing options contributing to revenue growth for banks and insurance companies.
Speaking at the forum, Mr Ampomah emphasized that the success of the new banking model will depend on how well institutions report, govern, and explain their operations to the public. He noted that investors and depositors will only commit funds if they can rely on accurate and consistent disclosures. He urged Ghanaian financial institutions to take advantage of the upcoming regulatory rollout, emphasizing that early adopters stood to gain a first mover advantage.
Professor Gatsi said the Bank of Ghana will integrate non interest banking rules with its Sustainable Banking Principles to ensure institutions factor in environmental and governance risks. The central bank believes this alignment will make the sector more resilient and position it to support productive activities such as agriculture, manufacturing, and infrastructure.
Capital requirements for establishing non interest banks will strictly follow existing prudential and regulatory standards under the Banks and Specialized Deposit Taking Institutions Act, 2016 (Act 930). Institutions must be fully incorporated in Ghana and have their capital sources thoroughly verified under BoG oversight.
The global Islamic finance market offers context for Ghana’s ambitions. According to Standard Chartered, Islamic finance assets surpassed US$5 trillion in 2024 and are projected to reach US$7.5 trillion by 2028. The global Sukuk market alone is expected to grow from US$1.08 trillion in 2024 to US$1.295 trillion in 2025, driven by rising investor appetite for ethical, asset backed financial instruments.
Ghana’s non interest banking framework builds on lessons from countries such as Nigeria, Malaysia, Kenya, and South Africa, where the model has demonstrated viability. Nigeria, in particular, has provided instructive case studies, prompting a recent knowledge sharing mission by BoG’s specialized team.
The Bank of Ghana expects the regulatory framework to be finalized by the end of 2025, with publication of the final document anticipated shortly after top management validation. Once issued, the framework will define licensing requirements, governance structures, operational standards, and product approval processes, marking a significant milestone in Ghana’s financial sector evolution.