The Bank of Ghana (BoG) has dismissed concerns that Ghana’s Non-Interest Banking framework gives religious bodies a role in regulating the country’s financial sector.
Speaking at a public engagement with the Ecumenical Society at Bank Square in Accra on August 31, 2026, Governor Dr. Johnson Pandit Asiama said the central bank remains responsible for regulating and supervising non-interest banking institutions and products.
He said consultations with Christian and Islamic leaders were aimed at improving public understanding of the framework and addressing concerns, rather than transferring regulatory authority to religious organisations.
“Their technical advice does not displace the Bank’s supervisory, enforcement or regulatory authority, nor does it confer that authority on any religious body,” Dr Asiama said.
The clarification follows the establishment of the five-member Non-Interest Financial Advisory Council (NIFAC), which was inaugurated on August 18, 2026, to advise the BoG on the regulation and supervision of non-interest banking institutions.
NIFAC includes at least one independent member and at least one woman. It may also support the Securities and Exchange Commission and the National Insurance Commission as Ghana’s wider non-interest financial ecosystem develops.
Dr. Asiama also rejected the characterisation of the framework as creating a religious category within Ghana’s banking system.
“The Bank is not a regulator of religion, nor is it introducing a new religious category,” he said.
He noted that Parliament had already recognised non-interest banking services as a permissible banking activity under Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
According to the Governor, the framework is an inclusive and non-discriminatory commercial banking model that will operate alongside conventional banking.
The BoG published its final Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana on January 13, 2026, after considering feedback on an exposure draft issued in December 2025.
Dr. Asiama stressed that providers of non-interest banking services would be subject to the same regulatory safeguards designed to protect depositors and maintain financial stability.
“No person may carry on non-interest banking business without a Bank of Ghana licence,” he said.
The BoG has since produced documentaries and Frequently Asked Questions materials as part of efforts to improve public understanding of the framework.
Dr. Asiama said the Bank would continue engaging stakeholders to address outstanding concerns and ensure that the implementation of non-interest banking remains transparent and properly regulated.
Source: Starrfm.com.gh
