The Bank of Ghana (BoG) has sought to clear concerns among sections of the Christian community about Non-Interest Banking and Finance, saying the model is a regulated commercial banking service and not the introduction of a religious system into Ghana’s banking sector.

The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, made the clarification during an engagement with the Ecumenical Society at the Bank's headquarters, Bank Square, in Accra on 31 August 2026.

The engagement was part of the Bank's continuing consultations with religious leaders and other stakeholders following concerns about the planned framework for non-interest banking in Ghana.

IT IS NOT A RELIGIOUS BANKING SYSTEM

Dr Asiama said the Bank understands why some Christians have raised questions about whether non-interest banking amounts to introducing a religion into Ghana's banking system or giving preference to one faith.

He said the public is entitled to clear answers.

According to him, Parliament has 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 Bank of Ghana's role is to provide the regulatory and supervisory framework for licensed institutions that want to offer the service.

In simple terms, the Governor's message is that non-interest banking is another commercial banking model that can operate alongside conventional banking. It is not intended to replace conventional banking.

WHAT DOES NON-INTEREST BANKING MEAN?

The Bank's guideline defines non-interest banking as financial intermediation that does not involve the payment or receipt of interest, excessive uncertainty, gambling or investment in prohibited activities.

The model is designed around transactions linked to real economic activities and productive assets.

Although the products are structured differently from conventional banking products, the Bank stressed that they remain commercial financial products.

The framework is guided by principles including fairness, transparency, equity and risk-sharing, with finance linked to production, responsible growth and shared prosperity.

For an ordinary customer, this means the main difference is in how the financial product is structured, rather than whether it is regulated banking.

CUSTOMERS WILL STILL HAVE REGULATORY PROTECTION

One major issue for the public is whether money placed with a non-interest banking institution will be subject to the same level of regulatory oversight.

The Bank of Ghana says yes.

Dr Asiama stated that the same regulatory discipline applies to areas such as payment systems, transfer of funds, capital sources, leadership and governance.

He stressed that no person can operate a non-interest banking business without a Bank of Ghana licence.

The products will also remain subject to controls intended to protect depositors and the stability of the financial system.

This means people should not assume that every organisation offering a non-interest financial service is automatically authorised. A Bank of Ghana licence remains necessary.

WHY IS THE BANK PUSHING THIS MODEL?

The Bank says its interest in non-interest banking is linked to its broader responsibility to promote financial sector development, stability and inclusion.

Dr Asiama said the model could provide wider access to financial services, increase product choices and give consumers more options.

The Bank also said the input from the Christian community and other stakeholders has helped it shape the framework to better reflect Ghana's religious and social diversity and build public confidence.

In practical terms, the idea is to give people more choices, while maintaining proper regulation.

RELIGIOUS BODIES DO NOT CONTROL THE BANKING SYSTEM

Another point the Governor sought to clarify concerns the role of religious representatives in the new system.

The Non-Interest Financial Advisory Council (NIFAC) was established and inaugurated on 18 August 2026 to advise the Bank of Ghana on the regulation and supervision of non-interest banking institutions.

The Council has five members, including at least one independent member and at least one woman.

However, Dr Asiama made clear that the Council's technical advice does not replace the Bank of Ghana's regulatory, supervisory or enforcement powers.

It also does not give any religious organisation control over the banking sector.

BOG SAYS PUBLIC EDUCATION MUST CONTINUE

Perhaps one of the strongest messages from the engagement is that the Bank recognises that more public education is needed.

Dr Asiama acknowledged that some issues remain unclear and said the Bank must continue answering questions with facts and respect.

He said the ongoing engagement should help identify what people still do not understand and which safeguards require better explanation.

This is important because financial products can have serious consequences for individuals and businesses. People need to understand what they are signing up for, how the products work, what risks are involved and who regulates the institution offering them.

CONVENTIONAL BANKING IS NOT GOING AWAY

For people who prefer the existing conventional banking system, the Governor offered another assurance.

He said those who prefer conventional banking can continue using it as before.

The proposed non-interest banking framework is intended to complement conventional banking and provide another option for people who want it.

THE BIGGER ISSUE IS TRUST

The Bank of Ghana says the ultimate goal is to build a financial system that is inclusive, innovative, responsive and non-discriminatory.

But for that to happen, public trust will be critical.

For a trader, the most important question may simply be: Is my money safe?

For a young graduate, it may be: Can I access a financial product that suits my needs?

For a business owner, it may be: Can this model help finance real economic activity?

And for religious communities, an important question may remain: What exactly is this system, and how does it operate?

The Governor says the Bank is prepared to keep engaging stakeholders until those questions are properly addressed.

The engagement therefore goes beyond the technical discussion of a new banking model.

It is also about building understanding before implementation, protecting consumers and ensuring that Ghanaians can make financial decisions based on clear information rather than suspicion or misinformation.

As Ghana moves towards implementation of non-interest banking and finance, the Bank of Ghana is making one thing clear: the system will operate under Ghana's financial laws and regulation, and it will exist alongside—not in place of—conventional banking.

Credit: This report is based on the Opening Remarks delivered by Dr Johnson Pandit Asiama, Governor of the Bank of Ghana, at the Engagement with the Ecumenical Society on Non-Interest Banking and Finance, held at Bank Square, Accra, on 31 August 2026.