The Bank of Ghana has announced plans to establish a regulatory and operational framework for non-interest banking and finance (NIBF) in the country by 2025, subject to favorable conditions. This follows the initiation of a comprehensive stakeholder consultation process aimed at shaping the future of NIBF in Ghana.

Led by Professor John Gatsi, an advisor to the central bank, a specialized team from the Bank of Ghana has begun jurisdictional studies and knowledge-sharing missions, including a recent visit to Nigeria—a country where non-interest banking is already well-developed and functional.

As part of its engagement efforts, the Bank of Ghana partnered with the Ghana Journalists Association to host a two-day workshop in Koforidua. The event brought together selected journalists and media professionals to enhance their understanding of non-interest financial principles and equip them to report accurately on developments in the sector.

“We are on course to finalize a framework that supports the rollout of non-interest banking in Ghana by the end of 2025,” Professor Gatsi told JoyBusiness’ Daryl Kwawu during the workshop, highlighting the roadmap involving broad consultations and cross-agency collaboration.

Speaking on behalf of Dr. Johnson Asiama, Governor of the Bank of Ghana, Ismail Adam, Head of Banking Supervision, emphasized the untapped potential of non-interest finance in the country.

“Non-interest banking offers a promising avenue to broaden our financial ecosystem and diversify funding sources,” he said. “What once started as a marginal financial alternative in the 1970s has grown into a cornerstone of global finance. As of 2024, the non-interest finance industry has crossed the USD 5 trillion mark in global assets—reflecting a 12% rise from 2023 and a 43% increase since 2020.”

He further highlighted the economic advantages of NIBF, calling it a strategic opportunity to enhance financial inclusion and economic resilience in Ghana.