Non-interest banks operating in Ghana will be subjected to the same regulatory and supervisory standards governing conventional banks, with the Bank of Ghana (BoG) insisting that the different structure of their financial products will not result in lighter oversight.

Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, said institutions entering the non-interest banking market will remain subject to the central bank’s licensing, governance and financial-system safeguards.

The regulatory requirements will cover payment systems, transfers of funds, sources of capital, leadership and governance, placing non-interest institutions within the same supervisory structure protecting depositors and the wider banking system.

“The same regulatory discipline applies,” Dr Asiama said during an engagement with the Ecumenical Society on Non-Interest Banking and Finance at Bank Square in Accra.

He said no institution would be permitted to undertake non-interest banking business without a BoG license, while products offered under the model would remain fully subject to controls protecting depositors and the financial system.

The position places non-interest banking within BoG’s existing supervisory architecture despite differences in how its products and returns are structured.

BoG’s final Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana was published on January 13, 2026, after an exposure draft was issued on December 9, 2025 for public comments.

The central bank said extensive comments received during the consultation were considered before the final framework was issued.

Non-interest banking differs from conventional banking principally in the structure of financial transactions.

Under BoG’s framework, it involves financial intermediation that avoids the payment and receipt of interest, excessive uncertainty, gambling and investment in prohibited activities.

Transactions are instead expected to be backed by real economic activity and productive assets, while the model incorporates principles including fairness, transparency, equity and risk-sharing.

Dr Asiama stressed that these differences do not change the commercial nature of the products or remove them from financial regulation.

“The products are structured differently but remain commercial financial products,” he said.

Parliament already recognizes non-interest banking services as a permissible banking activity under section 18(1)(r) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).

BoG’s role, according to the Governor, is to establish the regulatory and supervisory conditions under which licensed institutions can provide the services rather than create a separate religious category within Ghana’s banking industry.

“Our role is to provide the regulatory and supervisory framework within which licensed institutions may offer this inclusive and non-discriminatory model of commercial banking as a complement to conventional banking, not a replacement for it,” he said.

BoG has also established the Non-Interest Financial Advisory Council (NIFAC) as part of the governance structure for the new framework.

The council, inaugurated on August 18, is expected to advise the central bank on the effective regulation and supervision of non-interest banking institutions.

Its role could extend beyond banking as the market develops.

BoG said NIFAC may support the Securities and Exchange Commission and the National Insurance Commission, creating room for regulatory coordination across banking, securities and insurance as Ghana’s non-interest financial ecosystem expands.

The central bank has maintained a clear separation between NIFAC’s advisory function and its own statutory regulatory powers.

The five-member council operates within BoG’s policy and governance controls and includes at least one independent member and at least one woman.

Its technical advice does not replace the central bank’s supervisory, enforcement or regulatory authority and does not transfer those powers to any religious organization.

The arrangement keeps licensing, supervision and enforcement firmly with BoG even as specialized technical advice becomes part of the oversight structure.

Beyond regulation, the central bank sees non-interest banking as another avenue for widening participation in Ghana’s financial system.

Dr Asiama said BoG’s interest in the model is based on its mandate to promote financial-sector development, stability and inclusion, with potential benefits including wider access to financial services, greater product diversity and increased consumer choice.

Its emphasis on transactions backed by real economic activity and productive assets could also broaden the types of financing structures available within Ghana’s financial market.

The Governor said the establishment of NIFAC marks the movement from policy to implementation, making the strength of regulation increasingly important as institutions begin developing products under the framework.

BoG said it remains committed to transparency, sound governance, consumer protection and regulatory integrity as non-interest banking develops alongside conventional banking.

Properly implemented, the central bank expects the model to broaden access, mobilize productive investment and contribute to a more diversified financial system.