The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has assured Ghana’s Christian community that the country’s non-interest banking framework is not intended to introduce a religious banking system or favour any particular faith.
He said the framework was designed to provide an additional model of commercial banking that would operate alongside conventional banking and be accessible to all Ghanaians, regardless of their religious affiliation.
Speaking at an engagement with the Ecumenical Society at Bank Square in Accra on Monday, Dr Asiama said the Bank recognised concerns raised within sections of the Christian community and was committed to addressing them through dialogue, transparency and public education.
“Some have asked whether the Bank of Ghana is introducing a religion into Ghana’s banking system or supporting one faith over another,” he said, stressing that the Bank was “not a regulator of religion” and was not creating a new religious category in the banking sector.
According to the Governor, Parliament had 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).
He explained that the responsibility of the central bank was therefore to establish the regulatory and supervisory framework for institutions that wished to provide such services.
Extensive consultations
Dr Asiama said the Bank had, over the past year, engaged several Christian bodies as part of efforts to address concerns and ensure that the framework reflected Ghana’s religious and social diversity.
These included the Christian Council of Ghana, the Ghana Pentecostal and Charismatic Council, the Ghana Catholic Bishops’ Conference, the National Association of Charismatic and Christian Churches, selected churches and Christian civil society organisations.
He said the Bank had also engaged Islamic leaders and subsequently brought representatives of the ecumenical and Islamic communities together.
“These exchanges reinforced the need for a framework and public language that are inclusive, respectful of Ghana’s religious diversity and clear that the products are available to all,” he said.
The Governor said the Bank also responded to calls for continuous public education by publishing an exposure draft of the guidelines on December 9, 2025, for public comments.
Following consideration of the comments received, the final Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana was published on January 13, 2026.
He said the Bank had since produced documentaries and two sets of frequently asked questions to further explain the guideline and its governance arrangements.
Focus on financial inclusion
Dr Asiama said the Bank’s interest in non-interest banking was primarily driven by its mandate to promote financial sector development, stability and inclusion.
He identified wider access to financial services, product diversity and consumer choice as some of the potential benefits of the model.
He explained that non-interest banking avoids the payment and receipt of interest, excessive uncertainty, gambling and investment in prohibited activities, while encouraging transactions linked to real economic activity and productive assets.
Although the products are structured differently from conventional banking products, he stressed that they remain commercial financial products subject to regulation.
“The Bank does not pronounce on religious beliefs; our responsibility is to regulate the institutions and products,” he said.
Same regulatory discipline
The Governor assured stakeholders that non-interest financial institutions would be subject to the same regulatory discipline and safeguards applicable to the broader financial sector.
These include oversight of payment systems, transfers of funds, capital sources, leadership and governance.
He said no person would be permitted to conduct non-interest banking business without a licence from the Bank of Ghana.
“Non-interest products remain fully subject to the controls that protect depositors and the financial system,” Dr Asiama said, adding that the controls would be transparent, just as they are for conventional banking.
Advisory Council inaugurated
The Governor also highlighted the establishment and inauguration of the Non-Interest Financial Advisory Council (NIFAC) on August 18, 2026.
Under the guideline, NIFAC advises the Bank of Ghana on the effective regulation and supervision of non-interest banking institutions.
Dr Asiama said the council could also support the Securities and Exchange Commission and the National Insurance Commission as the wider non-interest financial ecosystem develops.
NIFAC comprises five members, including at least one independent member and at least one woman.
The Governor said the selection of members sought to combine relevant global experience with the need to build local expertise in non-interest banking.
He stressed, however, that the council’s technical advice did not replace the Bank of Ghana’s supervisory, regulatory or enforcement authority.
Call for continued dialogue
Dr Asiama said the inauguration of NIFAC represented a transition from policy development to implementation but acknowledged that public education on the framework must continue.
He invited religious leaders and other stakeholders to identify areas that remained unclear and raise concerns requiring further explanation.
“Where our communication has been insufficient, we must improve it and answer questions respectfully and with facts,” he said.
He urged religious leaders to help the Bank understand how the framework was being received by the public so that potential users could make informed choices while customers who preferred conventional banking could continue using those services.
The Governor reaffirmed the Bank of Ghana’s commitment to transparency, sound governance, consumer protection and regulatory integrity.
He said properly implemented non-interest banking could complement conventional banking, broaden access to financial services, mobilise productive investment and contribute to Ghana’s socio-economic development.
Dr Asiama concluded by calling for continued dialogue and mutual respect, saying Ghana’s religious peace had been sustained by the ability to discuss difficult issues openly and respectfully.
I can also adapt this into a Ghanaian newspaper style, with a sharper headline, shorter paragraphs and a more prominent lead suitable for publication.
Source:www.kumasimail.com
