Non-Interest Banking Will Not Create Religious Banking System –Dr Asiama

The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has assured the public that the introduction of non-interest banking will not create a religious banking system or give any faith preferential treatment in Ghana’s financial sector.

He said the initiative was an inclusive and non-discriminatory commercial banking model intended to operate alongside conventional banking, rather than replace it.

Dr Asiama made the clarification on Monday, August 31, 2026 when the Bank of Ghana engaged the Ecumenical Community on non-interest banking and finance at Bank Square in Accra.

The engagement was held against concerns within sections of the Christian community over whether non-interest banking amounted to the introduction of religion into Ghana’s banking system or the promotion of one faith over another.

Dr Asiama said those concerns were legitimate and deserved clear answers from the central bank.

“Some have asked whether the Bank of Ghana is introducing a religion into Ghana’s banking system or supporting one faith over another,” he said, stressing that the public was entitled to clarity.

He explained that the Bank of Ghana was not a regulator of religion and was not introducing a new religious category into the banking sector.

According to him, 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 Governor said the responsibility of the Bank was, therefore, to establish the regulatory and supervisory framework within which licensed institutions could provide the services.

He stressed that the model would be available to everyone, irrespective of religious affiliation.

“This has been the purpose of our consultations,” Dr Asiama said, explaining that the Bank had spent the past year engaging various Christian bodies and Islamic leaders to ensure that the framework and public communication reflected Ghana’s religious diversity.

Among the Christian organisations engaged were the Christian Council of Ghana, Ghana Pentecostal and Charismatic Council, Ghana Catholic Bishops’ Conference and the National Association of Charismatic and Christian Churches.

The Bank had also held engagements with selected churches and Christian civil society organisations, as well as representatives of Islamic leadership.

Dr Asiama said those engagements reinforced the need for language that made clear that non-interest banking products were available to all.

Commercial banking without interest

Explaining the framework, the Governor said non-interest banking involved financial intermediation that avoids the payment and receipt of interest, excessive uncertainty, gambling and investments in prohibited activities.

He said although the products would be structured differently from conventional banking products, they would remain commercial financial products linked to real economic activity and productive assets.

He said the framework was based on principles of fairness, transparency, equity and risk-sharing, and was intended to link finance to production while supporting responsible and sustainable economic growth.

Dr Asiama emphasised that the Bank of Ghana’s mandate was to regulate the institutions and products, rather than make pronouncements on religious beliefs.

“The Bank does not pronounce on religious beliefs; our responsibility is to regulate the institutions and products,” he said.

He further assured the public that non-interest banking institutions would face the same regulatory discipline required to protect depositors and maintain financial stability.

This would include oversight of payment systems, transfers of funds, sources of capital, leadership and governance.

“No person may carry on non-interest banking business without a Bank of Ghana licence,” the Governor stressed, adding that non-interest products would remain subject to controls designed to protect depositors and the wider financial system.

No regulatory role for religious bodies

Dr Asiama also sought to clarify the role of the newly established Non-Interest Financial Advisory Council (NIFAC), saying its creation did not transfer regulatory authority from the central bank to religious bodies.

NIFAC was established and inaugurated on August 18, 2026, to advise the Bank of Ghana on the effective regulation and supervision of non-interest banking institutions. It may also support the Securities and Exchange Commission and the National Insurance Commission as the wider non-interest financial ecosystem develops.

The five-member council includes at least one independent member and at least one woman, with its composition combining relevant local and international experience.

The Governor made it clear, however, that the council’s technical advice would not displace the Bank of Ghana’s supervisory, enforcement or regulatory authority. Nor, he said, did membership of the council confer such authority on any religious body.

 

 

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