The Bank of Ghana (BoG) has reiterated its commitment to establishing a fully operational non-interest banking and finance (NIBF) ecosystem as preparations enter a crucial phase. This follows strong advocacy from Professor John Gatsi, an advisor to the Monetary Policy Committee and leader of the national NIBF development team, who says the global financial system is shifting rapidly toward non-interest models.
Speaking at a capacity-building workshop on Monday, December 1, Prof. Gatsi emphasized that Ghana must not be left behind as demand for non-interest products gains momentum worldwide.
“The global financial landscape is evolving, and the demand for non-interest banking and finance is undeniable,”
he said.
He commended the Bank of Ghana, Securities and Exchange Commission (SEC) and National Insurance Commission (NIC) for forming a joint regulatory committee dedicated to developing and harmonising guidelines for the emerging sector. According to him, the collaborative effort among regulators is essential to prevent inconsistencies and ensure a smooth national rollout.
Prof. Gatsi revealed that Ghana’s preparatory work has been supported by a number of international institutions, including the Central Bank of Nigeria, Central Bank of Malaysia, the Bank of England, and several leading non-interest banking institutions in Nigeria. These global partnerships, he said, reflect Ghana’s growing seriousness about building a credible and competitive NIBF framework.
BoG: Ghana Reaches Critical Stage in NIBF Rollout
Representing the Governor of the Bank of Ghana, Dr. Johnson Asiama, the Head of the Banking Supervision Department, Ismail Adam, stated that the central bank has made significant progress in shaping a regulatory structure that ensures inclusiveness.
He disclosed that extensive engagements have been held with both Christian and Muslim communities to develop a secular, nationally inclusive terminology for non-interest financial products, an important step toward broad public acceptance.
“We are happy that we are participating in this capacity-building exercise to pave the way for you to take advantage of the window for non-interest banking and financing,”
Ismail Adam said.
He described the workshop as a crucial foundation for equipping financial practitioners with the knowledge required to operate within the soon-to-be-launched NIBF ecosystem. The BoG, he noted, views this as one of the most significant regulatory investments toward commercialising non-interest banking in Ghana.
As the regulatory framework nears completion, stakeholders expect the sector to introduce new investment options, attract ethically sensitive customers, diversify Ghana’s financial system and draw lessons from successful non-interest markets across Africa, Asia and Europe.
