The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has stressed that the new non-interest banking framework does not seek to introduce religion into the country’s banking system or promote one faith over another.
Rather, he said, the intervention was intended to provide an inclusive financial service to all Ghanaians.
Speaking at an engagement with the ecumenical community in Accra last Monday, the Governor explained that Parliament had recognised non-interest banking as a permissible banking activity under Section 181(R) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), with the central bank’s role limited to providing the necessary regulatory and supervisory framework.
Dr Asiama said the model was being introduced as a complement to conventional banking, not a replacement, stressing that the BoG did not regulate religious beliefs or support one faith over another.
The Governor said the framework was developed through extensive consultations with Christian and Islamic leaders and guided by principles of fairness, transparency, equity, consumer protection and financial inclusion.
“Some have asked whether the Bank of Ghana is introducing religion into Ghana’s banking system or supporting one faith over another.
These are important questions, and the public is entitled to clarity,” Dr Asiama said.
Background
The stakeholder engagement was organised to clarify concerns raised by sections of the clergy over the introduction and regulation of non-interest banking in Ghana.
It was also intended to deepen public understanding of the framework, address misconceptions and provide assurances on the safeguards governing the new banking model.
Members of the clergy and other leaders from the ecumenical community attended, including the Founder and General Overseer of Action Chapel International, Archbishop Nicholas Duncan-Williams; the Presidential Envoy for Interfaith and Ecumenical Relations, Elvis Afriyie Ankrah, and other personalities.
Dr Asiama said the BoG had subjected non-interest banking products to the same regulatory discipline governing conventional banking, including oversight of payment systems, fund transfers, capital sources, leadership and governance.
He said no institution would be allowed to undertake non-interest banking business without a BoG licence, while depositors and the financial system would remain protected by the applicable regulatory controls.
The Governor added that the inauguration of the Non-Interest Financial Advisory Council (NIFAC) on August 18 this year was to advise the central bank on the effective regulation and supervision of non-interest banking institutions.
Public education
The Governor said NIFAC’s technical advice would not displace the BoG’s regulatory, supervisory or enforcement authority nor confer any such authority on a religious body.
“Their technical advice does not displace the Bank of Ghana’s supervisory, enforcement or regulatory authority, nor does it confer that authority on any religious body,” he said.
He urged continued public education and engagement with religious leaders to address concerns and improve understanding of the framework.
Dr Asiama stressed that the BoG remained committed to transparency, sound governance, consumer protection and regulatory integrity.
He added that non-interest banking could broaden access, mobilise productive investment and complement conventional banking in supporting Ghana’s socio-economic development.
Dialogue to build confidence
The Presidential Envoy for Interfaith and Ecumenical Relations commended the BoG for creating a platform for dialogue between the central bank and faith communities to address concerns surrounding non-interest banking.
He said differences in understanding could create unnecessary anxiety, making meaningful engagement essential to dispel misconceptions and build confidence.
“The best way to address such concerns was not through speculation, but through meaningful dialogue,” Mr Ankrah said.
He urged participants to approach the discussions with openness and mutual respect, stressing that the ultimate objective should be to promote Ghana’s peace, stability and prosperity.
