Ghana is Opening its Banks to a Different Kind of Finance

Non-interest banking will complement Ghana’s conventional banking system rather than replace it, Bank of Ghana Governor Johnson Asiama says, as the central bank seeks to expand financial inclusion and consumer choice.

Speaking at an engagement with the Ecumenical Society on Non-Interest Banking and Finance in Accra, Asiama said concerns about the initiative, particularly among some Christian groups, should be addressed through dialogue and public education.

“Properly implemented, Non- Interest Banking and Finance can complement conventional banking, broaden access, mobilise productive investment and contribute to Ghana’s socio- economic development through a more inclusive, non-discriminatory, innovative and responsive financial system,” he said.

Asiama noted the framework did not introduce a religious category into Ghana’s banking system.

“Some have asked whether the Bank of Ghana is introducing a religion into Ghana’s banking system or supporting one faith over another. These are important questions, and the public is entitled to clarity. The Bank is not a regulator of religion, nor is it introducing a new religious category,” he said.

Non-interest banking is already permitted under Ghanaian law, Asiama said, citing Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016, Act 930.

“Parliament 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. Our role is to provide the regulatory and supervisory framework within which licensed institutions may offer this inclusive and non-discriminatory model of commercial banking as a complement to conventional banking, not a replacement for it,” Dr Asiama stressed.

The central bank has consulted Christian and Islamic religious leaders over the framework, including the Christian Council of Ghana, Ghana Pentecostal and Charismatic Council, Ghana Catholic Bishops’ Conference and selected churches and civil society groups.

“Those exchanges reinforced the need for a framework and public language that are inclusive, respectful of Ghana’s religious diversity and clear that the products are available to all,” he said.

The Bank of Ghana published an exposure draft of the framework in December 2025 and issued its Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana in January 2026 after considering stakeholder comments.

Asiama said the central bank had also produced documentaries and frequently asked questions to explain the framework to the public.

Non-interest banking products are structured differently from conventional banking but remain commercial financial products, Asiama said.

“The Guideline defines Non-Interest Banking as financial intermediation that avoids the payment and receipt of interest, excessive uncertainty, gambling and investments in prohibited activities, while promoting transactions backed by real economic activity and productive assets,” he said.

“The products are structured differently but remain commercial financial products.”

The framework is based on principles including fairness, transparency, equity and risk-sharing, he said.

“The framework is guided by fairness, transparency, equity and risk-sharing, and links finance to production, responsible and sustainable growth and shared prosperity,” he said.

Institutions offering non-interest banking services will remain subject to the central bank’s regulatory and supervisory requirements, including controls over payment systems, fund transfers, capital sources, leadership and governance.

“The same regulatory discipline applies. This includes oversight of payment systems, transfers of funds, capital sources, leadership and governance,” he said.

He said institutions would require a Bank of Ghana licence to operate.

“The Bank has a robust licensing process, and no person may carry on non-interest banking business without a Bank of Ghana licence,” Dr Asiama said.

“Non-interest products remain fully subject to the controls that protect depositors and the financial system.”

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