The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has challenged widespread misconceptions about non interest banking, stressing that the financial arrangement is a commercially viable and inclusive banking model intended to serve people across all religious, ethnic and cultural backgrounds.
Speaking at the 5th Non Interest Finance International Conference 2026, held at the Accra City Hall, Dr Asiama explained that non interest banking should not be misconstrued as a charitable initiative or an instrument for advancing religious interests, but rather as a legitimate commercial banking system founded on fairness, transparency and sustainable economic development.
His address was delivered on his behalf by his Special Adviser, Professor John Gatsi, who represented the Governor at the gathering.
The conference, which was organised by the Islamic Finance Research Institute of Ghana (IFRIG), was held under the theme, “Does Non Interest Banking Belong to a Particular Group?” and attracted financial sector practitioners, regulatory authorities and international delegates from Nigeria, Kenya and other African countries to discuss the principles, opportunities and misconceptions surrounding the industry.
Responding directly to the central question underpinning the conference, Dr Asiama maintained that non interest banking was not the preserve of any particular religious or social grouping, emphasising that its services were accessible to customers without discrimination on the grounds of faith, ethnicity, cultural identity or other personal considerations.
He further explained that the Bank of Ghana’s observations of the system in countries including Kenya, Nigeria, Malaysia, South Africa and the United Kingdom had demonstrated its ability to attract customers from different backgrounds while providing alternative financing opportunities for individuals, entrepreneurs and businesses.
Bank of Ghana Strengthens Regulatory Framework for Non Interest Banking
Turning to the regulatory arrangements governing the emerging financial segment, Dr Asiama disclosed that the Bank of Ghana had operationalised Section 18(1)(r) of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930), thereby establishing the legal foundation for a comprehensive framework to regulate non interest banking operations in the country.
He explained that the Central Bank had deliberately taken time to develop a detailed regulatory structure, drawing lessons from international experiences and ensuring that the proposed system would operate with clearly defined supervisory standards.
According to him, while certain jurisdictions introduced non interest banking without adequate regulatory safeguards, Ghana had adopted a more structured approach aimed at providing regulatory certainty and protecting the integrity of the financial system.
As part of the progress made towards introducing the banking model, the Governor revealed that the Bank of Ghana had received three applications from financial institutions seeking licences to operate under the non interest banking framework. He added that the applications were undergoing thorough regulatory assessment before any licensing decisions could be made.
Non Interest Banking Expected to Expand Financial Inclusion and Investment
Dr Asiama further identified financial inclusion as one of the major advantages of non interest banking, explaining that the system could extend financial services to individuals and businesses whose participation in conventional banking might be limited by interest related obligations or personal financial preferences.
He noted that the alternative financing arrangements could attract previously underserved customers while providing additional opportunities for businesses and entrepreneurs to access funding for productive economic activities.
The Governor also highlighted the potential of non interest finance to attract substantial domestic and international investment through financial instruments such as Sukuk, which are investment certificates commonly described as Islamic or non interest bonds.
Citing projections for the international industry, he indicated that global non interest financial assets could reach approximately US$10.5 trillion by 2030, underscoring the scale of opportunities available to countries seeking to participate in the expanding market.
He consequently urged Ghana to position itself to benefit from these financing opportunities, particularly in mobilising resources for strategic infrastructure development.
“Ghana must join the beneficiaries of non interest financing instruments for the expansion of strategic infrastructure,” he stressed.
Dr Asiama also disclosed that the Bank of Ghana was working alongside the National Insurance Commission (NIC) and the Securities and Exchange Commission (SEC) to broaden the range of financial products and investment opportunities available within the country’s financial system.
Governor Urges Stakeholders to Embrace Non Interest Finance
Beyond its commercial and investment prospects, the conference provided an opportunity for discussions on financial education, professional development, institutional cooperation and the broader contribution of non interest finance to sustainable economic development.
Dr Asiama encouraged industry participants to examine the relationship between non interest banking, Environmental, Social and Governance (ESG) principles and the United Nations Sustainable Development Goals (SDGs), noting that the model’s emphasis on ethical financing and responsible investment could complement international sustainability objectives.
He maintained that the successful introduction of the system would require effective regulation, responsible institutional practices, strong consumer protection and sustained cooperation among stakeholders.
Concluding his remarks, the Governor reiterated the Bank of Ghana’s commitment to ensuring that non interest banking operated alongside conventional financial institutions rather than being regarded as a competing or exclusive alternative.
He expressed confidence that, with appropriate implementation and effective supervision, the financial model could widen access to banking services, strengthen investment mobilisation, encourage productive economic activity and contribute to Ghana’s broader socioeconomic advancement.
The conference attracted prominent figures from the financial services industry, regulatory institutions and international finance organisations, reflecting growing interest in diversifying Ghana’s financial architecture and expanding access to alternative financing arrangements.
