The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has assured Ghanaians that the introduction of non-interest banking will not replace conventional banking but will instead provide an alternative financial option.

Dr Asiama said non-interest banking is intended to complement existing banking services by widening the range of financial products available to individuals and businesses.

Speaking at an engagement with members of the clergy, the Governor said customers who prefer conventional banking would continue to have access to it, while those interested in non-interest financial products would have another option.

“Properly implemented, the non-interest banking and finance can complement conventional banking,” Dr Asiama said.

His comments come amid concerns in sections of the Christian community about the introduction of non-interest banking and whether the framework could give one religion an advantage within Ghana’s financial system.

Dr Asiama rejected such concerns, stressing that the Bank of Ghana is not introducing a religious system into the country’s banking sector.

“We regulate institutions and products, not religion”

The Governor said the central bank’s responsibility is to regulate financial institutions and the products they offer, rather than pronounce on religious beliefs.

He explained that non-interest banking is a commercial financial model that avoids the payment and receipt of interest, excessive uncertainty, gambling and investment in prohibited activities.

The products, he said, are structured differently from conventional banking but remain commercial financial products, with an emphasis on fairness, transparency, equity, risk-sharing and transactions backed by real economic activity and productive assets.

Dr Asiama also assured the clergy that non-interest banking institutions would be subjected to regulatory controls designed to protect depositors and the stability of Ghana’s financial system.

“No person may carry on non-interest banking business without a Bank of Ghana licence,” he stressed.

 NIFAC has no Regulatory Power

Dr Asiama further clarified the role of the newly established Non-Interest Financial Advisory Council (NIFAC).

The five-member council, inaugurated on August 18, is expected to advise the Bank of Ghana on the regulation and supervision of non-interest banking institutions.

However, the Governor stressed that NIFAC's technical advice would not replace the Bank of Ghana's regulatory, supervisory or enforcement authority.

He said the council would support the development of the sector while operating within the central bank's existing governance and regulatory controls.

Framework Already Backed by Law

Dr Asiama noted that non-interest banking is already recognised under Ghanaian law.

He cited Section 18(1)(R) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which provides the legal basis for financial institutions to offer non-interest banking services.

The Bank of Ghana subsequently developed guidelines for the regulation and supervision of non-interest banking, which were published in January 2026. The framework allows existing financial institutions to provide non-interest services through dedicated windows and also provides for the licensing of fully fledged non-interest banking institutions.

Dr Asiama said the initiative is ultimately aimed at promoting financial inclusion, product diversity and consumer choice.

He urged Christian leaders and other stakeholders to continue engaging the central bank on issues they believe require clarification, saying the Bank of Ghana is committed to transparency, consumer protection and regulatory integrity.

The Governor maintained that non-interest banking and conventional banking can operate side by side, giving Ghanaians greater choice without forcing customers to move away from the conventional banking system.