The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has dispelled misconceptions surrounding non-interest banking, clarifying that the financial model is a commercial, inclusive system designed to serve all demographics, regardless of religious or ethnic background.

Speaking at the 5th Non-Interest Finance International Conference 2026 held at the Accra City Hall, Dr. Asiama emphasized that non-interest banking is not a social scheme or a tool for religious manipulation, but a viable commercial banking model that promotes fairness, transparency, and sustainable growth.

The Governor’s remarks were delivered on his behalf by his Special Adviser, Professor John Gatsi.

Addressing the Misconception

Themed “Does Non-Interest Banking Belong to a Particular Group?” the conference, organized by the Islamic Finance Research Institute of Ghana (IFRIG), brought together key industry players, regulators, and international participants from Nigeria, Kenya, and other parts of the continent to demystify the sector.

“The answer is clearly no,” Dr. Asiama stated regarding the conference theme. “Non-interest banking is an inclusive banking model that serves customers without discrimination based on religion, ethnicity, culture, or any other social consideration.”

He noted that the Bank of Ghana’s experience across jurisdictions such as Kenya, Nigeria, Malaysia, South Africa, and the United Kingdom demonstrates that the model appeals to a diverse customer base and provides viable solutions for individuals and businesses from all walks of life.

Regulatory Framework and Licensing

Highlighting the BoG’s commitment to the sector, Dr. Asiama revealed that the Central Bank has operationalized Section 18(1)(r) of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930). This move has paved the way for a comprehensive regulatory framework that is considered by peers to be “forward-looking with regulatory clarity.”

“While some countries started non-interest banking operations without a concrete regulation or with an inadequate regulatory framework, the Bank of Ghana has taken time to put a comprehensive regulation in place,” he said.

As a result of this robust regulatory environment, the Governor disclosed that the Bank of Ghana has received three licence applications from institutions seeking to operate under the non-interest banking model, which are currently under rigorous review.

Driving Financial Inclusion and Economic Growth

The Governor outlined several benefits of non-interest banking, noting that it contributes faster to financial inclusion because it attracts individuals and businesses that might be excluded from conventional banking due to interest burdens or personal preferences.

He also highlighted the potential for the sector to mobilize significant capital through instruments like Sukuk (non-interest bonds). Citing global trends, he noted that global sukuk issuance reached approximately US10.5 trillion by 2030.

“Ghana must join the beneficiaries of non-interest financing instruments for the expansion of strategic infrastructure,” Dr. Asiama urged, adding that the BoG is collaborating with the National Insurance Commission (NIC) and the Securities and Exchange Commission (SEC) to expand the frontiers of financial instruments.

A Call to Action

The conference served as a platform to promote financial literacy, knowledge sharing, and capacity building. Dr. Asiama encouraged stakeholders to explore how the model aligns with Environmental, Social, and Governance (ESG) objectives and the Sustainable Development Goals (SDGs).

“We firmly believe that, when properly implemented, non-interest banking can complement the conventional financial system, broaden access to financial services, mobilize productive investment, and contribute meaningfully to Ghana’s socio-economic transformation,” he concluded.

The event was heavily attended by key personalities in the financial industry, underscoring Ghana’s growing reputation as a hub for financial diversification and inclusive finance in Africa.

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Non-interest banking is for everyone, not a religious tool &#8211; BoG Governor

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Non-interest banking is for everyone, not a religious tool – BoG Governor