Dr. Johnson Asiama (M) with some members of the clergy
The Bank of Ghana (BoG), has engaged the clergy as part of a broader stakeholder engagement towards establishing the institutional, legal and regulatory framework to create a Non-Interest Banking and Finance (NIBF) governance system in the country.
BOG Governor, Dr. Johnson Asiama in his opening remarks said the meeting forms an important aspects of discussions for effective roll out of Non-Interest Banking and Finance governance to reflect the interest of Ghanaians.
He said, “Unlike conventional Banking systems, which largely rely on interest based lending and instruments, NIBF is built upon principles of equity, fairness and transparency and risk sharing.
“It prohibits the charging of interest, upholding the belief that money should serve as a medium of exchange rather than a commodity that generates profit in isolation”
Dr. Asiama stated that the Central bank’s interest as a regulator is to achieve financial inclusion with product diversification and choice especially, its inherent benefits to the economy.
He said NIBF also aspires to function not merely as a commercial enterprise, but as a transformative instrument for economic justice and prosperity while its challenges financial institutions to go beyond profit maximisation and act as responsible stewards of social well-being.
“As Ghana charts its path towards inclusive and sustainable transformation, the role of NIBF cannot be overstated. With its foundation in ethical principles, tangible assets backing and social justice, NIBF provides a credible alternative for financing our development aspirations,” he added.
By Ebenezer K. Amponsah