Accra: Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has clarified that the introduction of non-interest banking in Ghana is not intended to promote any specific religion within the country's financial system. Speaking at an engagement with the Ecumenical Society at the Bank Square on Monday, Dr. Asiama emphasized that non-interest banking is a financial service accessible to all Ghanaians, irrespective of their religious affiliations.
According to Ghana Web, Dr. Asiama addressed concerns regarding the potential religious implications of non-interest banking, stating, "Some have asked whether the Bank of Ghana is introducing a religion into Ghana's banking system or supporting one faith over another. The Bank is not a regulator of religion, nor is it introducing a new religious category." He highlighted that non-interest banking is already recognized under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), and the BoG's role is to regulate and supervise financial institutions offering this service.
Dr. Asiama further assured that non-interest banking would operate alongside conventional banking, rather than replace it. The BoG engaged in consultations with major Christian groups, including the Christian Council of Ghana, the Ghana Pentecostal and Charismatic Council, the Ghana Catholic Bishops' Conference, and the National Association of Charismatic and Christian Churches. Islamic leaders were also part of the consultation process, which helped the Bank develop rules ensuring that non-interest banking is open to everyone.
The final Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana was published by the BoG on January 13, 2026, following these consultations. Dr. Asiama explained that non-interest banking avoids the payment or receipt of interest and excludes activities like gambling and excessive uncertainty. Transactions are expected to be linked to real economic activities and productive assets.
Dr. Asiama noted that non-interest banking remains a commercial financial service subject to regulation like other banking activities. Financial institutions will need a licence from the Bank of Ghana to offer non-interest banking services. Additionally, he clarified that the Non-Interest Financial Advisory Council, inaugurated on August 18, 2026, provides only technical advice and does not hold regulatory or enforcement powers. He stressed that no religious body would be given control over Ghana's banking system.
In conclusion, Dr. Asiama maintained that non-interest banking could expand access to finance and support economic development without replacing conventional banking.