The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has assured Ghanaians that non-interest banking products will be available to everyone, regardless of their religious affiliation.

Dr Asiama said the framework is intended to provide an additional financial option and should not be viewed as a banking system exclusively designed for Muslims.

Speaking at an engagement with members of the clergy, the Governor said the Bank of Ghana had engaged various religious groups to ensure that the framework and its public communication reflect Ghana's religious diversity.

He said the consultations had reinforced the need for a framework that is “inclusive,” “respectful of Ghana’s religious diversity” and clear that the products are available to everyone.

“Those exchanges re-imposed the need for a framework and public language that are inclusive, that are respectful of Ghana's religious diversity and clear that the products are available to everyone,” Dr Asiama said.

The clarification comes amid concerns in sections of the Christian community over the introduction of non-interest banking and its association with Islamic finance.

 Not exclusively for Muslims

Dr Asiama said non-interest banking should not be understood as the introduction of a religious system into Ghana's banking sector.

He stressed that the Bank of Ghana's responsibility is to regulate financial institutions and the products they offer, rather than religious beliefs.

“The bank does not pronounce on religious beliefs, not at all. Our responsibility is to regulate the institutions and the products that are offered,” he said.

According to the Governor, non-interest banking is a commercial financial model that avoids the payment and receipt of interest, excessive uncertainty, gambling and investments in prohibited activities.

He said the products are structured differently from conventional banking but remain commercial financial products.

“The products are structured differently but they remain commercial financial products,” Dr Asiama said.

The framework, he added, is guided by principles including fairness, transparency, equity, risk sharing and links between finance and productive economic activity.

Customers will Have a Choice

Dr Asiama also stressed that the introduction of non-interest banking will not force customers away from conventional banking.

“Those who wish to use these products may do so with confidence while those who prefer conventional banking may continue as before,” he said.

The Governor said the Bank of Ghana's interest in non-interest banking is rooted in its mandate to promote financial-sector development, stability and financial inclusion.

He said the objective includes providing wider access to financial services, increasing product diversity and giving consumers greater choice.

 Regulatory Controls Remain

Dr Asiama assured the clergy that non-interest banking institutions would remain subject to the Bank of Ghana's regulatory and supervisory controls.

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

He said the same regulatory discipline would apply to areas including payment systems, transfers of funds, sources of capital, leadership and governance.

The Governor also clarified the role of the Non-Interest Financial Advisory Council (NIFAC), saying its technical advice would not replace the Bank of Ghana's regulatory or enforcement authority.

“Their technical advice does not displace the bank's supervisory enforcement or regulatory authority nor does it confer that authority on any religious body,” Dr Asiama said.

 BoG Seeks Greater Public Understanding

The Governor acknowledged that more public education may be required to address concerns surrounding the framework.

“Where our communication has been insufficient, we have to and we must improve it and answer questions respectfully and with the facts,” he said.

Dr Asiama said the latest engagement with Christian leaders was an opportunity for the Bank of Ghana to hear what remains unclear and identify areas where further explanation is needed.

The Bank of Ghana maintains that non-interest banking is intended to operate alongside conventional banking and broaden financial choices for Ghanaians rather than serve any particular religious group.

The central bank has previously said its consultations with Christian and Muslim leaders are aimed at developing an inclusive regulatory framework for the sector.