2026 non-interest banking rollout to spur capital market innovation

By Joshua AMLANU

The roll-out of the non-interest banking regulations in 2026 by the Bank of Ghana, is expected to deepen capital market innovation, expand access to finance, while creating new jobs.

Speaking at the ACCA Business Leaders’ Forum in Accra, Professor John Gatsi, who represented the Bank of Ghana Governor, Dr. Johnson Pandit Asiama, said the regulatory framework for non-interest banking is ready and awaiting final approval.

He noted that the framework will allow universal banks to open non-interest “windows” alongside fully licensed non-interest banks.

“We are ready for the regulation,” Professor Gatsi said. “It’s going to diversify how trade, projects, and infrastructure are financed, while injecting new jobs into the banking and capital markets.”

The central bank believes the reform will not only broaden financial inclusion but also channel funds to productive sectors of the economy. The model, already practiced in Nigeria and Kenya, emphasises shared risk, transparency, and value-based investments, principles that align with Ghana’s sustainable finance goals.

According to Dr. Asiama, non-interest banking represents a “complementary model” to conventional finance, designed to promote inclusiveness and stability in the financial system. “It offers diversified products, discourages speculative activities, and directs funds toward the real economy,” he said in a speech delivered on his behalf.

The Bank of Ghana plans to integrate the non-interest banking framework with its Sustainable Banking Principles launched in 2019. The initiative aims to ensure that financial institutions incorporate environmental, social, and governance (ESG) considerations into lending and operational decisions. The central bank has also mandated regulated entities to establish frameworks for identifying and managing climate-related financial risks.

ACCA’s Africa Director, Jamil Ampomah, said the 2026 rollout is a “chance to change the role of finance in our economy.”

He emphasized that non-interest banking, when combined with robust sustainability reporting, can build trust and transparency among investors and regulators.

“For non-interest banking to grow in Ghana, investors and depositors will want reliable reports and assurance,” Mr. Ampomah said. “ACCA is ready to work with the Bank of Ghana and the market to train relationship managers, risk and treasury teams, internal auditors, and boards so they have the skills to start.”

He added that Ghana can draw lessons from countries such as Malaysia and Pakistan, where Islamic finance has been successfully linked to green investment policies.

“This is where the ethics of non-interest banking and the goals of sustainability meet,” he said.

The Bank of Ghana expects the rollout to generate employment opportunities, particularly in banking, risk management, and advisory roles within the capital market. New financial instruments such as sukuk — Islamic bonds structured on asset-based financing — are anticipated to boost innovation and liquidity.

Professor Gatsi said the framework includes two levels of governance to ensure compliance with non-interest banking principles and limit risks. He noted that training and curriculum development are already underway with the Chartered Institute of Bankers, ACCA, and other professional bodies to prepare the workforce.

“Conventional banks will need people who understand this business, which means added employment,” he said. “We also expect to see strong linkages with fintech, venture capital, and women-led enterprises as part of the broader non-interest banking ecosystem.”

Mr. Ampomah added that countries that take an early lead in adopting non-interest finance models gain a first-mover advantage.

“Those who make the bold step will definitely have that edge,” he said.

The Bank of Ghana views the 2026 launch as part of a larger effort to align financial stability with inclusive economic development.

“By expanding access to finance, we are empowering individuals and businesses while enhancing monetary policy transmission,” Dr. Asiama stated.

The initiative is expected to reshape the nation financial landscape by promoting fairness, ethics, and risk-sharing, principles that advocates say could make finance more accessible and resilient to economic shocks.

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