The Bank of Ghana (BoG) has moved to clear the air over growing concerns surrounding the introduction of non-interest banking in Ghana, insisting that the emerging financial model is not a religious banking system reserved for Muslims.
Governor of the Bank of Ghana, Dr Johnson Asiama, said non-interest banking products will be available to all Ghanaians, regardless of their religious beliefs or affiliations.
His comments come at a time when sections of the Christian community have raised questions about the relationship between non-interest banking and Islamic finance, prompting the central bank to intensify engagement with religious leaders.
Asiama Draws the Line on Religion
Speaking during an engagement with members of the clergy, Dr Asiama stressed that the Bank of Ghana’s mandate is to regulate financial institutions and financial products rather than determine or promote religious beliefs.
According to the Governor, the framework being developed by the central bank should therefore not be interpreted as the introduction of a religious system into Ghana’s financial sector. “The bank does not pronounce on religious beliefs, not at all. Our responsibility is to regulate the institutions and the products that are offered,” Dr Asiama said.
The clarification is significant as Ghana prepares to expand its financial-sector offerings through non-interest banking, a model that has gained attention globally as an alternative to conventional interest-based finance.
The BoG says the framework is being designed to ensure that customers can access the products based on their financial preferences rather than their religious identity.
Non-Interest Banking Open to Everyone
Dr Asiama said the central bank’s consultations with religious groups have reinforced the importance of creating a framework that reflects Ghana’s religious diversity.
He explained that discussions with Christian and Muslim leaders had highlighted the need for public communication that is inclusive, respectful and clear.
“Those exchanges re-imposed the need for a framework and public language that are inclusive, that are respectful of Ghana’s religious diversity and clear that the products are available to everyone.”
Dr Johnson Asiama
This means a Christian, Muslim or person of any other faith can potentially choose a non-interest banking product if it meets their financial needs.
The Governor’s comments are expected to ease concerns among sections of the public who may have associated the model exclusively with Islamic banking.
While non-interest banking has strong links to Islamic finance principles, the BoG is presenting it as a commercial financial model that can operate within Ghana’s broader financial system.
What Makes Non-Interest Banking Different?
Unlike conventional banking, non-interest banking does not rely on the payment or receipt of interest.
According to Dr Asiama, the model also avoids excessive uncertainty, gambling and investments in prohibited activities.
Instead, its financial arrangements are structured around principles including fairness, transparency, equity and risk sharing.
The model also seeks to strengthen the relationship between finance and productive economic activity.
“The products are structured differently but they remain commercial financial products,” the Governor explained.
This distinction could become increasingly important as financial institutions and consumers seek to understand how non-interest products will operate alongside existing banking services.
Rather than replacing conventional banking, the BoG intends for non-interest banking to provide an additional option within Ghana’s financial ecosystem.
Customers Will Remain Free to Choose
One of the strongest assurances from the Governor is that Ghanaians will not be compelled to abandon conventional banking.
Customers who prefer conventional banking will be allowed to continue using existing products, while those interested in non-interest banking can make their own choice.
“Those who wish to use these products may do so with confidence while those who prefer conventional banking may continue as before,” Dr Asiama said.
The choice-based approach places consumer preference at the centre of the reform.
For the BoG, expanding the range of financial products could help deepen financial inclusion by giving consumers more options that correspond to their financial preferences and circumstances.
BoG Retains Full Regulatory Control
Beyond the religious debate, Dr Asiama also sought to assure the clergy that non-interest banking institutions will remain firmly under the supervision of the central bank.
He made it clear that no institution can provide non-interest banking services without a licence from the Bank of Ghana. “No person may carry on non-interest banking business without a Bank of Ghana license,” he stressed.
The regulatory requirements will extend to critical areas including payments, fund transfers, capital sources, leadership and corporate governance.
The Governor also clarified the role of the Non-Interest Financial Advisory Council, known as NIFAC.
He said the council’s technical advice will not override the BoG’s statutory authority.
“Their technical advice does not displace the bank’s supervisory enforcement or regulatory authority nor does it confer that authority on any religious body.”
Dr Johnson Asiama
BoG Admits More Education Is Needed
Despite the central bank’s position, Dr Asiama acknowledged that communication surrounding the framework may not have been sufficient.
He said the BoG must improve its public education efforts and respond to concerns with facts and respect.
“Where our communication has been insufficient, we have to and we must improve it and answer questions respectfully and with the facts.”
Dr Johnson Asiama
The latest engagement with Christian leaders therefore represents more than a routine consultation. It signals an effort by the central bank to prevent misunderstanding from undermining confidence in a major financial-sector development.
READ ALSO: 24-Hour Economy Secretariat Secures $270m Deal to Revamp Ghana’s Poultry Industry
