Dr. Johnson Asiama (M), Elvis Afriyie Ankrah and others in a group photograph
The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has clarified that non-interest banking is not an attempt to introduce a religion into Ghana’s banking system but rather an inclusive and non-discriminatory model of commercial banking to complement conventional banking.
The Governor who said this during an engagement with the clergy at the Bank Square in Accra said the initiative was designed to expand access to financial services, provide more choices for consumers and support financial sector development without replacing existing banking system.
He said, “Some have asked whether the Bank of Ghana is introducing a religion into Ghana’s banking system or supporting one faith over another. The Bank is not a regulator of religion, nor is it introducing a new religious category. 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).”
Dr. Asiama said the central bank had undertaken extensive consultations with religious groups and other stakeholders to ensure that the framework reflected the country’s religious diversity and addressed public concerns adding that the central bank will provide the regulatory and supervisory framework for licensed institutions offering such services.
He added that BoG also engaged Islamic leaders and later brought representatives of the Christian and Islamic communities together to promote understanding and inclusiveness adding that the exchanges reinforced the need for a framework and public language that are inclusive, respectful of the country’s religious diversity and ensure that the products are available to all.
The Governor said the Bank had also intensified public education on non-interest banking following the publication of an exposure draft of the guidelines on December 9, 2025, which invited comments from stakeholders.
According to him, after reviewing the feedback received, the Bank published the Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana on January 13, 2026 and had since developed documentaries and Frequently Asked Questions (FAQs) to improve public understanding of the framework and its governance structure.
The Governor explained that non-interest banking refers to 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 stressed that the products remain commercial financial services guided by principles of fairness, transparency, equity and risk-sharing and does not promote religious beliefs but to regulate institutions and products.
He further assured the public that non-interest banking institutions would be subjected to the same regulatory standards as conventional banks, including requirements relating to licensing, governance, capital sources, payment systems and consumer protection.
By Ebenezer K. Amponsah