BoG assures churches of non-interest banking

The Bank of Ghana (BoG) has sought to allay concerns within sections of the Christian community over the introduction and regulation of non-interest banking and finance, stressing that the initiative is a commercial banking model and not an attempt to introduce religion into the financial system.

Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, gave the assurance on Monday, August 31, 2026, when he engaged members of the ecumenical community at Bank Square in Accra to discuss concerns surrounding non-interest banking and finance.

The engagement formed part of the central bank’s continuing consultations with religious stakeholders on the regulatory framework governing the emerging financial model.

Dr Asiama acknowledged that non-interest banking had generated genuine concerns among sections of the Christian community, saying the Bank had convened the engagement to listen to those concerns, provide direct answers and identify areas where its communication and public education could be improved.

He explained that questions had been raised about whether the Bank of Ghana was introducing a religious system into the banking sector or favouring one faith over another.

According to him, such concerns deserved clarity, but the central bank was neither a regulator of religion nor creating a new religious category within the banking system.

Rather, he said, Parliament had already recognised non-interest banking services as a permissible banking activity under Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The responsibility of the Bank of Ghana, he stated, was therefore to establish the regulatory and supervisory framework under which licensed institutions could provide the service as an inclusive and non-discriminatory commercial banking option alongside conventional banking.

The Governor said the Bank’s current engagement with religious leaders was not an isolated exercise, but part of consultations that had been taking place over the past year.

He recalled that the central bank had engaged the Christian Council of Ghana, the Ghana Pentecostal and Charismatic Council, the Ghana Catholic Bishops’ Conference, the National Association of Charismatic and Christian Churches, selected churches and Christian civil society organisations.

The Bank had also participated in meetings of the Christian Council and separately hosted two engagements with the Ghana Pentecostal and Charismatic Council. Representatives of Islamic leadership had also been engaged, followed by discussions that brought ecumenical and Islamic leaders together.

Dr Asiama said those consultations had reinforced the need for a regulatory framework and public communication that respected Ghana’s religious diversity while making it clear that non-interest banking products would be available to everyone, irrespective of religious affiliation.

The development of the regulatory framework itself followed a public consultation process. The Bank of Ghana published an exposure draft on December 9, 2025, and invited the public to submit comments within 14 days.

Following consideration of the extensive feedback received, the Bank published the Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana on January 13, 2026.

According to Dr Asiama, the Bank has since undertaken additional public education, including documentaries and two sets of frequently asked questions explaining the guideline and its governance structure.

He said the final framework incorporated assurances provided during the early stages of the consultation process.

The Governor further explained that the Bank of Ghana’s interest in non-interest banking was anchored in its broader mandate to promote financial-sector development, stability and inclusion.

He said the central bank was particularly interested in the potential economic and developmental benefits of the model, including increased access to financial services, greater product diversity and enhanced consumer choice.

He acknowledged the role of the ecumenical community in financial literacy and public education, noting that contributions from religious stakeholders had helped the Bank respond to public concerns and align the framework with Ghana’s diverse social, cultural and religious environment.

Under the guideline, non-interest banking is defined as financial intermediation that avoids the payment and receipt of interest, excessive uncertainty, gambling and investment in prohibited activities. The model instead promotes transactions backed by real economic activity and productive assets.

Dr Asiama emphasised, however, that although the products may be structured differently from conventional banking products, they remain commercial financial products.

The framework, he said, is based on principles including fairness, transparency, equity and risk-sharing, while linking finance to production, responsible and sustainable growth and shared prosperity.