The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has challenged one of the biggest misconceptions surrounding non-interest banking, insisting that the financial model is not reserved for Muslims or any particular religious community but is open to every Ghanaian.
His remarks come as Ghana prepares to expand its financial services industry through alternative banking models that could attract new customers, mobilise investment and create additional funding opportunities for businesses and national development.
Speaking at the 5th Non-Interest Finance International Conference 2026 at the Accra City Hall, Dr Asiama stressed that non-interest banking should be understood as a commercial financial system rather than a religious instrument. His address was delivered on his behalf by his Special Adviser, Professor John Gatsi.
The Governor’s intervention addresses a perception that could limit the growth of a financial model that has gained considerable attention across several international markets.
Asiama Moves to End Religious Misconceptions
The conference, organised by the Islamic Finance Research Institute of Ghana (IFRIG), was held under the theme, “Does Non-Interest Banking Belong to a Particular Group?”
Participants from Ghana, Nigeria, Kenya and other countries gathered to examine the opportunities within non-interest finance and address misconceptions that could discourage wider participation.
Responding directly to the conference theme, Dr Asiama said, “The answer is clearly no,”
“Non-interest banking is an inclusive banking model that serves customers without discrimination based on religion, ethnicity, culture, or any other social consideration.”
Dr Johnson Asiama
His position challenges the assumption that customers must subscribe to a particular religious belief to access financial products structured around non-interest principles.
According to the Governor, the Bank of Ghana’s experience across jurisdictions such as Kenya, Nigeria, Malaysia, South Africa and the United Kingdom shows that non-interest banking has developed into a financial model capable of attracting customers from different backgrounds.
This distinction is important as Ghana considers how to broaden access to financial services without restricting participation based on religious, cultural or personal preferences.
Non-interest banking operates on principles that differ from conventional interest-based lending, with financing arrangements structured around permissible trade, asset-backed transactions and risk-sharing mechanisms.
Rather than functioning as a charity or social intervention, the model is designed to operate commercially while promoting transparency, fairness and responsible financing.
Three Institutions Seek Non-Interest Banking Licences
Beyond addressing public misconceptions, Dr Asiama disclosed that the Bank of Ghana has already received three licence applications from institutions seeking to operate under the non-interest banking framework.
The applications are currently undergoing rigorous regulatory review, suggesting that interest in entering the emerging segment is gradually taking shape.
The development follows the operationalisation of Section 18(1)(r) of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930), which provides the legal foundation for the introduction of non-interest banking in Ghana.
The Central Bank has subsequently developed a comprehensive regulatory framework to guide institutions interested in operating within the sector.
Dr Asiama noted that Ghana’s approach differs from that of some jurisdictions where non-interest banking operations commenced without adequate regulatory arrangements.
“While some countries started non-interest banking operations without a concrete regulation or with an inadequate regulatory framework, the Bank of Ghana has taken time to put a comprehensive regulation in place.”
Dr Johnson Asiama
He described the regulatory environment as one that has attracted recognition for being “forward-looking with regulatory clarity.”
The three applications represent an early indication of potential market participation, although their submission does not automatically guarantee approval or the commencement of operations.
Financial Inclusion Could Receive a Major Boost
The potential impact of non-interest banking extends beyond the introduction of another category of financial institutions. The Governor believes the model could help address some of the barriers preventing individuals and businesses from fully participating in Ghana’s financial system.
One of its major attractions is the opportunity to serve customers who may avoid conventional banking because of interest-related obligations or personal financial preferences.
By providing alternative financing arrangements, non-interest banking could bring previously underserved individuals and businesses into the formal financial sector.
This could become particularly significant for small and medium-sized enterprises (SMEs), which continue to face difficulties accessing affordable financing to expand their operations.
The availability of alternative financing structures could also encourage more businesses to consider formal financial arrangements, potentially supporting investment, job creation and broader economic activity.
However, the success of the model will depend on public understanding, institutional credibility, competitive products and the ability of operators to demonstrate that non-interest financing can meet the practical needs of customers.
Ghana Eyes $10.5 Trillion Sukuk Opportunity
Perhaps one of the most significant opportunities highlighted by Dr Asiama is the potential of non-interest finance to mobilise substantial capital for infrastructure development.
He specifically pointed to Sukuk, commonly described as non-interest bonds, as an important financing instrument that Ghana could explore to support major development projects.
Unlike conventional bonds that are structured around interest payments, Sukuk instruments are designed around underlying assets, investments or economic activities.
The Governor referenced global market developments, highlighting the growing scale of opportunities available through non-interest financing.
He urged Ghana to position itself to benefit from these instruments, particularly at a time when alternative sources of development financing are becoming increasingly important. “Ghana must join the beneficiaries of non-interest financing instruments for the expansion of strategic infrastructure,” Dr Asiama urged.
The potential application of Sukuk financing is particularly relevant as the country continues to confront significant infrastructure needs and the challenge of securing sustainable funding without placing excessive pressure on public finances.
Access to a wider range of financing instruments could provide additional opportunities to fund roads, energy projects, transport infrastructure and other strategic investments.
The Governor also disclosed that the Bank of Ghana is collaborating with the National Insurance Commission (NIC) and the Securities and Exchange Commission (SEC) to expand the range of financial instruments available within the market.
Such collaboration could help strengthen the institutional foundations required to develop a broader non-interest finance ecosystem.
BoG Wants Non-Interest Finance to Support Economic Transformation
Dr Asiama further encouraged industry stakeholders to explore how non-interest banking could contribute to Environmental, Social and Governance (ESG) objectives and the United Nations Sustainable Development Goals (SDGs).
His position reflects the growing recognition that financial institutions must do more than provide access to money. They must also support productive investments, responsible business practices and sustainable economic development.
The Governor believes non-interest banking can complement conventional banking rather than compete with it in a way that limits consumer choice.
“We firmly believe that, when properly implemented, non-interest banking can complement the conventional financial system, broaden access to financial services, mobilize productive investment, and contribute meaningfully to Ghana’s socio-economic transformation.”
Dr Johnson Asiama
The conference brought together financial industry stakeholders to promote financial literacy, knowledge sharing and capacity building around the emerging sector.
Ghana’s ability to translate this growing interest into a functioning and competitive non-interest banking industry will depend on how effectively the regulatory framework is implemented and whether prospective operators can earn public confidence.
With three licence applications already under review and the prospect of accessing international non-interest financing markets, the sector is beginning to attract serious institutional attention.
The bigger opportunity, however, lies in ensuring that non-interest banking becomes a genuine alternative within Ghana’s financial system, available to every customer regardless of religious affiliation.
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