BoG Governor: Non-Interest Banking Is for Everyone, Not a Religious Tool

Bank of Ghana Governor Dr Johnson Asiama has moved to dispel persistent misconceptions surrounding non-interest banking, declaring that the model is a commercial, inclusive system designed to serve all Ghanaians regardless of faith, and confirming that three institutions have applied for licences to operate under the framework.

Speaking at the 5th Non-Interest Finance International Conference 2026 at Accra City Hall on Monday, Asiama addressed the conference theme—"Does Non-Interest Banking Belong to a Particular Group?"—with an unequivocal answer. "The answer is clearly no," he said, in remarks delivered on his behalf by his Special Adviser, Professor John Gatsi. "Non-interest banking is an inclusive banking model that serves customers without discrimination based on religion, ethnicity, culture, or any other social consideration" .

A Framework Built, Not Borrowed

The Governor traced the regulatory journey from legal provision to operational reality. Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) had long provided the legal basis for non-interest banking, but it was not until January 2026 that the Bank of Ghana published its comprehensive Guideline for the Regulation and Supervision of Non-Interest Banking . That guideline allows existing institutions to offer non-interest services through dedicated windows and provides for the licensing of fully-fledged non-interest banks.

Asiama contrasted Ghana's approach with jurisdictions that launched non-interest operations without adequate rules. "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 .

The framework's governance architecture was completed in August 2026 with the inauguration of the Non-Interest Financial Advisory Council (NIFAC), a five-member body mandated to advise the Bank of Ghana, the Securities and Exchange Commission, and the National Insurance Commission on non-interest finance matters. Asiama stressed then that NIFAC's advisory role would not displace the central bank's supervisory authority, nor would it confer authority on any religious body .

Three Applications Under Review

The Governor disclosed that the Bank of Ghana has received three licence applications from institutions seeking to operate under the non-interest model, all currently under rigorous review . This follows earlier signals of market interest. In May 2026, Asiama had said one indigenous bank had formally applied, with four others preparing submissions . By November, the pipeline had consolidated into three formal applications.

The licensing process has been deliberately methodical. Asiama said in May: "The regulatory structures are very stringent, I can assure you this is best practice. I have no fears at all. The necessary structures are being put to ensure that non-interest banking thrives" .

Sukuk and the Infrastructure Opportunity

Beyond banking, Asiama positioned non-interest finance as a vehicle for national development. He cited projections that global non-interest financial assets would reach approximately US291.4 billion in 2025 alone .

"Ghana must join the beneficiaries of non-interest financing instruments for the expansion of strategic infrastructure," Asiama urged, noting that the Bank of Ghana is collaborating with the National Insurance Commission and the Securities and Exchange Commission to broaden the range of available instruments . The SEC has already published Sukuk Issuance Guidelines, setting out requirements for structuring, documentation, and post-issuance supervision .

Financial Inclusion, Not Religious Manipulation

The Governor was direct in rebutting suspicions that have circulated within some segments of the public, particularly among Christian communities who questioned whether the central bank was introducing a religious agenda into banking. At an engagement with the Ecumenical Society in August 2026, Asiama had stated: "The Bank is not a regulator of religion, nor is it introducing a new religious category... Our role is to provide the regulatory and supervisory framework within which licensed institutions may offer this inclusive and non-discriminatory model of commercial banking as a complement to conventional banking, not a replacement for it" .

He returned to that theme at the conference, emphasising that non-interest banking attracts individuals and businesses excluded from conventional banking due to interest burdens or personal preferences, and that it could mobilise funds held outside the formal banking system for productive investment .

What Comes Next

For the institutions awaiting licences, the path is now regulatory rather than legislative. The framework exists; the advisory council is seated; the sukuk guidelines are published. What remains is the practical test: whether licensed institutions can structure products that are transparent, competitive, and genuinely accessible to the diverse customer base the Governor describes.

Asiama's closing message was one of complementarity rather than competition. "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 said .

Key Facts:

· Licence applications: Three institutions under review by Bank of Ghana

· Regulatory framework: Guideline published January 13, 2026; NIFAC inaugurated August 18, 2026

· Legal basis: Section 18(1)(r) of Act 930 (2016)

· Global market: Non-interest financial assets projected to reach US291.4bn in 2025

· Sukuk guidelines: Published by SEC in September 2026

· Consumer protection: Same regulatory discipline as conventional banking; no licence without BoG approval.