Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has inaugurated the Non-Interest Financial Advisory Council as part of efforts to expand Ghana’s financial sector and promote inclusive growth.
Speaking at the inauguration ceremony on 18th August 2026, Dr. Asiama said the establishment of the Council is a key step in positioning Ghana as a hub for non-interest banking and finance in West Africa.
He said ” the inauguration of NIFAC underscores our commitment to establishing a robust governance framework for the effective regulation and supervision of Non-Interest Banking Institutions in the country.”
He noted that non-interest banking provides an alternative for Ghanaians whose religious beliefs do not permit conventional interest-based banking abd “The Council will advise the Bank on regulatory frameworks to ensure the products are safe, transparent and Shariah-compliant”.
According to him, Ghana can tap into the over US$3 trillion global Islamic finance market by creating the right regulatory environment.
This he stressed will attract foreign direct investment and deepen the capital market.
The Governor emphasized that non-interest finance tools such as Murabaha, Mudaraba and Ijarah are well suited to support SMEs, infrastructure, agriculture and affordable housing without burdening borrowers with interest.
Governor assured that the Bank will work closely with the Advisory Council to develop guidelines, consumer protection measures, and risk management standards to safeguard the sector.
The Governor charged the newly inaugurated Council to provide expert guidance that will make Ghana competitive while ensuring financial stability.
“Our goal is to build a resilient, diversified and inclusive financial system that serves all Ghanaians,” he stated.
The inauguration forms part of BoG’s broader agenda to diversify Ghana’s financial products and strengthen economic growth under the government’s reset agenda.
