Bank of Ghana (BoG) Governor, Dr Johnson Pandit Asiama, has assured the Christian community that the introduction of non-interest banking and finance in Ghana is not an attempt to introduce religion into the country’s banking system or promote one faith over another.
Speaking at a public engagement with the ecumenical community at Bank Square in Accra on August 31, 2026, Dr Asiama said non-interest banking had already been recognised by Parliament as a permissible banking activity and was being developed as a complement to conventional banking.
“The Bank is not a regulator of religion, nor is it introducing a new religious category,” he said.
He explained that Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), provides the legal basis for non-interest banking services.
“Our role is to provide the regulatory and supervisory framework within which licensed institutions may offer this inclusive and non-discriminatory model of commercial banking as a complement to conventional banking, not a replacement for it,” Dr Asiama stated.
The Governor said the BoG had undertaken extensive consultations with key Christian bodies, including the Christian Council of Ghana, Ghana Pentecostal and Charismatic Council, Ghana Catholic Bishops’ Conference and the National Association of Charismatic and Christian Churches.
He said the consultations had helped the central bank develop a framework and public communication approach that respected Ghana’s religious diversity while making clear that non-interest banking products would be available to everyone.
Dr Asiama said the BoG’s interest in non-interest banking was driven by its mandate to promote financial sector development, stability and inclusion, rather than religious considerations.
“Our focus is on its economic and developmental benefits, including wider access to financial services, product diversity and consumer choice,” he said.
He explained that non-interest banking involves financial intermediation that avoids the payment and receipt of interest, excessive uncertainty, gambling and investments in prohibited activities, while linking financing to real economic activity and productive assets.
According to him, although the products are structured differently from conventional banking products, they remain commercial financial products subject to the same regulatory discipline.
“The Bank does not pronounce on religious beliefs; our responsibility is to regulate the institutions and products,” he emphasised.
Dr Asiama further assured stakeholders that institutions offering non-interest banking would be subject to rigorous licensing and supervision, including controls covering payment systems, fund transfers, capital sources, leadership and governance.
“No person may carry on non-interest banking business without a Bank of Ghana licence,” he stressed, adding that the products would remain subject to controls designed to protect depositors and the stability of the financial system.
The Governor also highlighted the establishment and inauguration of the five-member Non-Interest Financial Advisory Council (NIFAC) on August 18, 2026.
He said the council would advise the BoG on the effective regulation and supervision of non-interest banking institutions and could support other financial regulators as the broader ecosystem developed.
Dr Asiama clarified that NIFAC’s technical advisory role would not undermine the BoG’s regulatory and supervisory authority.
“NIFAC marks the movement from policy to implementation and is an important step towards a more inclusive, resilient and diversified financial sector,” he said.
He acknowledged that concerns remained within sections of the Christian community and said the BoG was prepared to improve its communication and public education efforts.
“Where our communication has been insufficient, we must improve it and answer questions respectfully and with facts,” he said.
Dr Asiama urged religious leaders to continue engaging with the central bank and helping it understand how the framework was being received by the public.
He maintained that, if properly implemented, non-interest banking could broaden financial access, mobilise productive investment and contribute to Ghana’s socio-economic development while allowing customers who prefer conventional banking to continue using it.
