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Non-interest banks operating in Ghana will be subject to the same regulatory and supervisory discipline that applies to conventional banks, as the Bank of Ghana (BoG) moves to ensure that differences in product structures do not translate into weaker oversight.
BoG Governor, Dr Johnson Pandit Asiama, said institutions seeking to operate in the non-interest banking market must comply with the central bank’s licensing requirements, governance standards and safeguards designed to protect financial stability and depositors.
The requirements will cover areas including payment systems, fund transfers, capital sources, leadership and governance, placing non-interest banking institutions within the central bank’s existing supervisory framework.
“The same regulatory discipline applies,” Dr Asiama said during an engagement with the Ecumenical Society on Non-Interest Banking and Finance at Bank Square in Accra.
BoG maintains licensing and supervisory control
Dr Asiama said no institution would be allowed to conduct non-interest banking business without a BoG licence.
He added that financial products developed under the model would remain subject to the controls applicable to commercial financial services, including measures designed to safeguard depositors and protect the wider financial system.
The position places non-interest banking firmly within BoG’s established regulatory architecture, despite differences in the way products, transactions and returns are structured.
BoG published its final Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana on January 13, 2026, following the release of an exposure draft on December 9, 2025.
The central bank said feedback received during the public consultation was reviewed and considered before the final framework was issued.
Non-interest banking framework differs in product structure
Non-interest banking differs from conventional banking primarily in the structure of its financial transactions.
Under BoG’s framework, the model involves financial intermediation that avoids interest payments and receipts, excessive uncertainty, gambling and investment in prohibited activities.
Transactions are expected to be linked to real economic activity and productive assets, while principles such as fairness, transparency, equity and risk-sharing form part of the model.
However, Dr Asiama stressed that these characteristics do not remove non-interest financial products from commercial and financial regulation.
“The products are structured differently but remain commercial financial products,” he said.
Parliament has already recognised non-interest banking services as a permissible banking activity under Section 18(1)(r) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).
According to the Governor, BoG’s responsibility is therefore to establish the regulatory and supervisory framework within which licensed institutions can provide the services, rather than establish a separate religious category within Ghana’s banking industry.
“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,” he said.
NIFAC to strengthen technical oversight
As part of the framework’s governance structure, BoG has established the Non-Interest Financial Advisory Council (NIFAC) to provide technical advice on the regulation and supervision of non-interest banking institutions.
The five-member council, inaugurated on August 18, is expected to advise the central bank as the new framework moves from policy development to implementation.
Its responsibilities could also expand beyond banking as Ghana’s non-interest financial ecosystem develops.
BoG said NIFAC may provide support to the Securities and Exchange Commission and the National Insurance Commission, creating scope for greater regulatory coordination across banking, securities and insurance.
The central bank has, however, maintained a distinction between NIFAC’s advisory responsibilities and its statutory regulatory powers.
The council operates within BoG’s policy and governance framework and includes at least one independent member and at least one woman.
Its technical recommendations do not replace BoG’s licensing, supervisory, enforcement or regulatory authority, nor do they transfer those powers to any religious organisation.
Non-interest banking seen as financial inclusion opportunity
Beyond establishing regulatory controls, BoG sees non-interest banking as an additional avenue for expanding participation in Ghana’s financial system.
Dr Asiama said the central bank’s interest in the model is linked to its mandate to promote financial-sector development, stability and inclusion.
Potential benefits include wider access to financial services, greater product diversity and increased consumer choice.
The model’s emphasis on financing linked to productive assets and real economic activity could also introduce additional financing structures into Ghana’s financial market.
The establishment of NIFAC, the Governor said, represents a move from policy development towards implementation, increasing the importance of effective regulation as institutions begin developing products under the framework.
BoG said it remains committed to transparency, sound governance, consumer protection and regulatory integrity as non-interest banking develops alongside conventional banking.
If effectively implemented, the framework could expand financial access, mobilise productive investment and contribute to a more diversified and inclusive financial system.
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