The Bank of Ghana (BoG) has met with Christian and Muslim leaders in Accra to discuss Non-Interest Banking and Finance (NIBF) as part of its ongoing consultations to create a regulatory framework for the rollout of the initiative in the country.
In a statement, the BoG said the engagement was led by Professor John Gatsi, Advisor to the Bank, on behalf of the Governor, Dr. Johnson Asiama. The meeting was held at the Bank Square and brought together representatives of both faith communities to explore how NIBF could be implemented to serve the diverse needs of Ghanaians.
According to the central bank, the dialogue forms part of efforts to build an inclusive and robust financial regulatory system that ensures fairness and expands access to financial services.
The discussions focused on international regulatory standards, governance structures, and the possibility of establishing non-interest banking “windows” within conventional banks. It also examined the option of licensing fully-fledged non-interest financial institutions that would operate in line with global best practices.
Professor Gatsi explained that NIBF has the potential to enhance financial inclusion, broaden economic opportunities, and give consumers more options in accessing financial services. He noted that the model ensures fairness and non-discrimination, creating a level playing field for all Ghanaians regardless of their beliefs.
“The NIBF will enhance financial inclusion, broaden economic opportunities, and expand consumer choice, ensuring fairness and non-discrimination,” he stated.
The BoG added that leaders from both the Christian and Muslim communities expressed appreciation for being given the opportunity to contribute to the policy process. They also commended the Bank’s effort to consult widely and build consensus on such an important initiative.
By engaging faith leaders, the central bank is seeking to build trust and understanding, particularly as non-interest banking has strong religious and cultural dimensions in many societies. In Islamic finance, for instance, interest-based transactions are prohibited under Sharia law, while in Christian financial ethics, emphasis is often placed on fairness and responsible lending.
Industry observers note that the introduction of non-interest banking in Ghana will align the country with a growing global trend. Across Africa, countries such as Nigeria, Kenya, and Sudan already operate non-interest financial institutions. Globally, Islamic banking assets are estimated at over $2 trillion, reflecting increasing demand for financial products that align with ethical and religious principles.
The initiative is also expected to support Ghana’s financial inclusion agenda. According to the World Bank, a significant portion of Ghana’s population remains unbanked, with barriers such as distrust in traditional banking, cultural reservations, and limited product diversity. Non-interest financial services could help address these gaps by providing alternative products that meet the values and needs of underserved populations.
The Bank of Ghana has in recent years emphasized reforms to strengthen the financial system and expand access to underserved groups. The development of a clear regulatory framework for NIBF is seen as another step in this direction, ensuring that such institutions operate transparently and within global standards.
Religious leaders at the meeting assured the central bank of their cooperation and encouraged the development of robust safeguards to ensure that non-interest financial institutions in Ghana maintain credibility and sustainability.
As the consultation process continues, the Bank of Ghana is expected to engage other stakeholders, including financial institutions, industry experts, and consumer groups. The final regulatory framework will set the tone for how NIBF is introduced, monitored, and integrated into Ghana’s broader financial sector.
If successfully implemented, NIBF could reshape Ghana’s financial landscape by providing more inclusive and ethical banking alternatives, boosting investor confidence, and promoting long-term economic growth.
