Accra: Ghana is expected to launch its first non-interest banking institution this year, marking a significant step in diversifying the country's financial sector. Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), announced that one indigenous bank had formally applied for a non-interest banking licence, while four others were preparing to submit applications to the Central Bank.
According to Ghana News Agency, Dr. Asiama, speaking at the end of the 130th Monetary Policy Committee meeting in Accra, stated that the regulatory and supervisory framework for non-interest banking was well advanced following the publication of comprehensive guidelines in January 2026. He expressed confidence in the stringent regulatory structures being established, assuring that the framework aligns with international best practices to ensure the safe and effective operation of the new banking model.
Dr. Asiama commended Professor John Gartchie Gatsi, Advisor on Non-Interest Banking at the BoG, for his leadership in establishing robust systems to enhance public confidence in the sector. He also emphasized the involvement of the Head of the Banking Supervision Division to ensure continuity between policy formulation and regulatory oversight.
The initiative comes at a time when Ghana's domestic economy is showing resilience despite external challenges, with recent macroeconomic stability providing a strong basis for introducing innovative financial products. The Governor reiterated the BoG's commitment to promoting innovation without compromising financial stability.
Professor Gatsi highlighted the potential benefits of non-interest banking, particularly in improving access to capital for businesses, especially small and medium-sized enterprises (SMEs). He noted that the profit-and-loss sharing structure of non-interest banking encouraged financial discipline among borrowers and urged prospective operators to adopt strong credit assessment systems akin to venture capital financing models.