There are moments in the development of a financial system when a policy decision goes beyond regulation and becomes a statement about the kind of economy a country wants to build. For Ghana, the recent steps taken by the Bank of Ghana (BoG) towards the operationalisation of Non-Interest Banking and Finance represent one such moment.

After close to a decade of advocacy, research, training programmes, workshops, webinars, conferences and stakeholder engagements by the Islamic Finance Research Institute of Ghana (IFRIG Ghana) and other stakeholders, Ghana has reached an important milestone. The Bank of Ghana has now issued its Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana and inaugurated the Non-Interest Financial Advisory Council (NIFAC) under the leadership of Governor Dr Johnson Pandit Asiama. The Bank says the guideline is intended to provide the regulatory and supervisory framework for the growing interest in non-interest banking products and services.

For IFRIG Ghana, this is a development worthy of national recognition and commendation. We particularly acknowledge the leadership of Governor Dr Johnson Pandit Asiama, his Advisor on Non-Interest Banking and Finance, Professor John Gartchie Gatsi, and the entire management and technical team of the Bank of Ghana for helping to move the conversation from aspiration to implementation.

The journey has not been an overnight one. For years, IFRIG Ghana has consistently advocated for the development of a regulatory environment that would allow non-interest banking and finance to operate within Ghana’s financial system. Through research, public education, professional training, workshops, webinars and the Islamic Finance International Conference, IFRIG Ghana has sought to create awareness among policymakers, regulators, bankers, accountants, lawyers, academics, investors, businesses and the wider public about the opportunities presented by non-interest finance.

We therefore see the current development not as the achievement of one institution or one group, but as the outcome of a long process of engagement involving regulators, government, financial-sector professionals, religious leaders, academia, civil society and other stakeholders.

We particularly commend the Bank of Ghana for adopting a broad and inclusive approach to the development of the framework. The journey towards non-interest banking has involved serious engagement between the Central Bank and stakeholders from the Christian, Muslim and other communities. This engagement is important because the future of non-interest finance in Ghana must be understood as a national financial-sector initiative, not as a project belonging to one religion.

Non-interest finance, although rooted in principles developed within Abrahimic finance, has characteristics that can appeal to people beyond the Muslim community. Its emphasis on asset-backed transactions, transparency, shared risk, ethical investment and connection with real economic activity provides opportunities for anyone interested in alternative and responsible forms of finance.

That is why we welcome the decision to use the broader term “Non-Interest Banking and Finance.” It creates room for the concept to be understood as part of Ghana’s wider financial architecture while maintaining the principles upon which the system is built.

The inauguration of NIFAC is particularly significant. The Council provides an important governance mechanism within the Bank of Ghana’s regulatory framework. Under the guideline, products and services proposed by non-interest banking institutions are subject to review and approval through the relevant advisory structures, helping to ensure that innovation takes place within a sound regulatory and supervisory environment.

This is exactly the kind of institutional arrangement that the industry needs. Non-interest banking cannot succeed simply because there is demand for it. It requires strong regulation, competent professionals, appropriate governance, effective risk management, consumer protection and public confidence.

We are therefore encouraged by the seriousness with which the Bank of Ghana has approached the process.
The Governor himself has previously acknowledged the work being undertaken to put the necessary structures in place, including the contribution of Professor John Gatsi and the technical team.

The Governor has also emphasised that the regulatory structures being developed are intended to ensure that non-interest banking grows within a robust supervisory framework.

For IFRIG Ghana, this commitment deserves recognition.

The potential benefits extend beyond banking halls and individual customers. One of the most important opportunities lies in the development of Ghana’s capital market, particularly through Sukuk, commonly referred to as non-interest bonds.

Sukuk could provide Ghana with an additional mechanism for mobilising long-term capital for economically productive and socially important projects. With the country facing significant financing requirements for roads, hospitals, schools, housing, energy and other infrastructure, Ghana must continue to explore credible sources of long-term financing.

A properly structured Sukuk market could allow institutional and other investors to participate in financing assets and projects while providing issuers with an alternative source of capital. This could be particularly relevant to pension funds, insurance companies, asset managers, banks and international investors seeking credible long-term investment opportunities.

The opportunity is not theoretical. The global Islamic financial services industry has grown into a major component of the international financial system, with the IFSB providing dedicated data covering non-interest banking, non-interest capital markets and non-interest insurance (Takaful).

Ghana should therefore see the emergence of non-interest finance as an opportunity to deepen its financial system and attract new pools of domestic and international capital. The potential impact on infrastructure financing is especially important. Imagine a Ghana where carefully structured capital-market instruments can help finance a new hospital, a major road, a school project or another productive national asset. Such financing would not replace government expenditure or conventional financing. Rather, it would add another channel through which capital can be mobilised for national development.

This is why we believe the Bank of Ghana’s achievement should be viewed within the larger context of financial inclusion and economic transformation. There are Ghanaians who, for ethical, religious or personal reasons, have historically remained outside formal banking or have not fully participated in conventional financial products. A credible non-interest financial system can provide these people with additional choices.

Financial inclusion is not only about opening a bank account. It is also about ensuring that citizens have access to financial products that are appropriate to their values, circumstances and economic needs. The new framework can therefore help widen the financial net.

It can also create opportunities for existing banks and financial institutions. The Bank of Ghana’s framework does not limit non-interest finance to entirely new institutions. It provides for different forms of participation, including full-fledged non-interest institutions as well as non-interest branches or windows of conventional and development banks, subject to the January 2026 regulatory requirements.

This opens an important avenue for innovation and competition within Ghana’s financial sector.

We also believe the development can contribute to professional and human-capital development. Ghana will require bankers, accountants, lawyers, auditors, investment managers, regulators, risk professionals and other specialists who understand both conventional financial practices and the technical requirements of non-interest finance.

This presents opportunities for Ghanaian universities, professional institutions, financial-sector training organisations and research institutions to expand their programmes and develop the expertise required to support the emerging industry.

IFRIG Ghana has already invested significantly in this area through professional training, executive education, research and stakeholder programmes. We remain committed to supporting the Bank of Ghana, the Securities and Exchange Commission, the National Insurance Commission, financial institutions and other relevant stakeholders with knowledge development and capacity building as the industry moves into its next phase.

The 5th Islamic Finance International Conference organised by IFRIG Ghana provided another important demonstration of the national character of this conversation. The conference brought together stakeholders from across the financial, religious, academic and professional communities, and solidarity messages from Christian, Muslim and other groups reinforced the message that non-interest finance should be approached as an opportunity for Ghana as a whole.

That unity is important.

The success of non-interest finance will depend not on whether it is labelled “Islamic” or “non-interest”, but on whether Ghana builds a credible system that is professionally managed, properly regulated, transparent and capable of delivering value to customers and investors.

For the Christian community, this should not be viewed as a religious banking project. For the Muslim community, this should not be viewed as a project for the Muslims, but rather it should be viewed as an important project that gives alternative financial access to the people of Ghana. For investors, it is a potential new asset class. For banks, it is an opportunity for product innovation. For policymakers, it is another tool for financial inclusion and economic development. For the capital market, it could open a new channel for mobilising long-term funds.

This is why IFRIG Ghana considers the Bank of Ghana’s milestone to be significant for the entire country.
We commend Governor Dr Johnson Pandit Asiama, Professor John Gartchie Gatsi, the Bank’s management, the technical teams and all staff who have contributed to this process. We also recognise the contribution of successive Bank of Ghana administrations and the many stakeholders whose engagements helped bring the process to this stage.

The work, however, does not end with the issuance of the guideline or the inauguration of NIFAC. In many respects, the real work is now beginning.

The next stage must focus on implementation, licensing, capacity building, product development, consumer education, liquidity management, accounting and reporting standards, taxation, dispute resolution, capital-market development and the creation of a vibrant non-interest bond (Sukuk) market.
It will require continued collaboration between the Bank of Ghana, Securities and Exchange Commission, National Insurance Commission, Ministry of Finance, financial institutions, Research Institutes, professional bodies, academia, religious organisations, investors and development partners.

Above all, the process must remain inclusive.

Ghana has an opportunity to build a non-interest financial system that is not only compliant with its underlying principles but also consistent with international regulatory standards and Ghana’s own financial-sector objectives. The Bank of Ghana’s guideline draws on international standards and frameworks, including those of the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

This gives Ghana a strong foundation from which to develop.

At IFRIG Ghana, we believe history will remember this period as an important chapter in the evolution of Ghana’s financial system. What began as an advocacy conversation has now moved into the regulatory and institutional phase.

We therefore celebrate this milestone with humility, but also with a renewed sense of responsibility.
Our appreciation goes to the Bank of Ghana, under the leadership of Governor Dr Johnson Pandit Asiama, Professor John Gatsi and the entire Central Bank team. We commend their openness to stakeholder engagement, their willingness to listen and their commitment to creating a regulatory environment for non-interest banking and finance.

The opportunity before Ghana is bigger than the introduction of another banking model. It is an opportunity to deepen financial inclusion, widen investment choices, mobilise long-term capital, strengthen the capital market and potentially support the financing of the infrastructure that Ghana needs.

If properly implemented, non-interest banking and finance can become a shared national platform welcoming Muslims, Christians and people of every faith or no faith who seek ethical, transparent and alternative financial solutions.

For Ghana, the journey has taken almost a decade to reach this point. The regulatory foundation has now been laid. The inauguration of NIFAC marks another important step. The responsibility of the industry, regulators and stakeholders now is to turn that foundation into a strong, credible and sustainable financial ecosystem that serves the entire Ghanaian economy. The door has been opened. Ghana must now walk through it.