Dr. Johnson Asiama (M) with members of the Council
The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has inaugurated the Non-Interest Financial Advisory Council (NIFAC) to support the effective regulation and supervision of non-interest banking institutions in the country.
Addressing members of the Council at the Bank Square in Accra recently, Dr. Asiama said the establishment of the Council formed part of efforts by the central bank to promote a fair and inclusive financial system that responds to the diverse needs of Ghanaians while ensuring consumer protection and financial stability.
He said the Council would serve as the BoG’s advisory body on the governance of non-interest banking and finance and advise the central bank on issues relating to the regulation and supervision of non-interest banking institutions.
“Non-interest finance widens that choice. It is not free finance, but a complement to conventional banking based on trade, leasing, partnerships and asset-backed transactions,” he stated.
According to the BoG, the legal foundation for non-interest banking services in the country was established under Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
In 2025, the bank constituted a dedicated team, led by the Advisor on Non-Interest Banking and Finance, to develop the required regulatory and supervisory arrangements. This work resulted in the publication of the Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana in January 2026.
Dr. Asiama said non-interest finance provided an alternative financial option for individuals and businesses through products based on trade, leasing, partnerships and asset-backed transactions.
He explained that a trader seeking funds to purchase stock, a manufacturer requiring equipment, or a family looking for financial products consistent with its values should have access to options they could understand and trust.
The guideline allows existing financial institutions to provide non-interest banking services through dedicated windows while also making provision for the licensing and supervision of fully fledged non-interest banking institutions.
He indicated that the Bank will continue to rely on international prudential standards and experience gained through its membership of the Islamic Financial Services Board in developing the sector.
“Since the publication of the Guideline, we have seen growing interest from financial institutions and the public. Today’s inauguration is therefore the next practical step,” the Governor added.
He said the Non-Interest Financial Advisory Council would also provide advisory support to the Securities and Exchange Commission and the National Insurance Commission as the wider non-interest finance ecosystem developed, until those institutions established their own advisory councils.
Dr. Asiama noted that the Council’s role would remain advisory and would not replace the regulatory, supervisory or enforcement responsibilities of the central bank and other sector regulators.
He urged members of the Council to bring their expertise in banking, finance, governance, accounting, law, economics and non-interest financial principles to bear on their mandate.
By Ebenezer K. Amponsah