Ghana advances non-interest banking to broaden financial inclusion
The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has highlighted the rollout of Non-Interest Banking as a landmark step toward reshaping the country’s financial landscape. He described the initiative as a forward-looking reform designed to expand financial inclusion, attract diverse investment flows, and strengthen the resilience of Ghana’s banking system.
Dr. Asiama emphasized that success will depend on deliberate and collective efforts to build the right skills and governance structures. He called on banks, regulators, and industry stakeholders to collaborate in developing the institutional capacity needed for a sustainable and inclusive non-interest banking sector.
Speaking at a training workshop in Accra, he noted that the decision to adopt this model was the product of broad consultations, including dialogue with both Christian and Muslim leaders. The consensus to frame it as “Non-Interest Banking and Finance” reflects Ghana’s commitment to neutrality and shared principles.
He further acknowledged the contributions of the Securities and Exchange Commission and the National Insurance Commission in aligning regulatory frameworks to ensure smooth implementation. According to him, capacity building is central to the process, equipping financial institutions and regulators with the expertise to meet international standards, safeguard stability, and manage risks effectively.
Dr. Asiama explained that while conventional banking relies heavily on debt and interest rates, non-interest banking is structured around asset-backed financing, risk-sharing, and profit-and-loss arrangements. This approach, he said, requires specialized training in areas such as product design, contract structuring, accounting, auditing, and taxation.
He concluded by stressing the importance of investing in staff development and building systems tailored to non-interest banking. The strength of regulation and supervision, he remarked, will ultimately depend on the competence and experience of both regulators and operators.
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