By Ashiadey Dotse
The Governor of the Bank of Ghana (BoG), Johnson Pundit Asiama, has assured Ghanaians that non-interest banking products will be subject to the same strict controls that protect depositors and the country’s financial system.
The Governor was speaking at a meeting to engage the clergy on Tuesday, September 1, 2026. Dr Asiama said the Bank of Ghana would ensure that the regulation of non-interest banking is transparent and based on the same principles of sound supervision that apply to conventional banking.
“Non-interest products remain fully subject to the controls that protect depositors and the financial system,” he said, adding that the controls would be made clear to the public, just as they are under conventional banking.
Non-interest banking is a financial model which prohibits charging or receiving interest. It relies on profit-and-loss sharing, asset backing among others.
The Governor insists that the Bank of Ghana is not introducing religion into Ghana’s banking system nor supporting one faith over another. According to him, Parliament has already recognised non-interest banking as a permissible banking activity under Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
He explained that the role of the central bank is to provide the regulatory and supervisory framework for licensed institutions that want to offer non-interest banking services.
Dr Asiama stressed that non-interest banking is intended to complement conventional banking and not replace it.
BoG engages religious leaders
The Governor said the Bank of Ghana has held several consultations with religious and other stakeholders to address concerns surrounding non-interest banking.
These engagements included the Christian Council of Ghana, the Ghana Pentecostal and Charismatic Council, the Ghana Catholic Bishops Conference, the National Association of Charismatic and Christian Churches, selected churches and Christian civil society organisations.
The Bank also engaged Islamic leaders and later brought Christian and Islamic leaders together to discuss the framework.
Dr Asiama said the consultations helped the Bank develop a framework and public communication that respect Ghana’s religious diversity and make it clear that non-interest banking products are available to everyone.
He said the Bank has also published guidelines, documentaries and frequently asked questions to help the public understand how the system works.
Strict licensing and supervision
Dr Asiama explained that non-interest banking institutions would not operate outside the country’s existing financial regulatory system. Institutions seeking to provide such services must therefore obtain a licence from the Bank of Ghana.
The central bank will also supervise areas including payment systems, transfers of funds, sources of capital, leadership and corporate governance. The products according to him are structured differently from conventional banking but remain commercial financial products.
The framework is based on fairness, transparency, equity and risk-sharing, while linking financial activities to real economic activity and productive assets.
Advisory council to support regulation
The Governor also highlighted the role of the Non-Interest Financial Advisory Council (NIFAC), which was established and inaugurated on August 18.
The council will advise the Bank of Ghana on the effective regulation and supervision of non-interest banking institutions.
Dr Asiama stressed that the council’s technical advice would not take away the Bank of Ghana’s regulatory and enforcement powers.
He also made it clear that NIFAC does not give any religious body authority over the administration of non-interest banking.
He said the council represents an important step from policy development to implementation as Ghana seeks to build a more inclusive and diversified financial sector.
Dr Asiama said the Bank of Ghana recognises that concerns remain among some members of the public and called for continued dialogue and education.
He said the engagement with the clergy was an opportunity for the Bank to identify areas that remain unclear and explain the safeguards put in place to protect customers.
The Governor said Ghanaians who prefer conventional banking would continue to use those services.
He expressed confidence that, if properly implemented, non-interest banking could expand access to financial services, support productive investment and contribute to Ghana’s socio-economic development.
He also thanked religious leaders and other stakeholders for their contributions, saying open discussions and mutual respect remain important to maintaining Ghana’s religious peace.
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