Professor John Gatsi, delivering a statement on behalf of the Governor of the Bank of Ghana, Dr. Johnson P. Asiama, has declared that non-interest banking belongs to all Ghanaians and not to any particular religious or social group.
Prof. Gatsi delivered the Governor’s address as Special Guest of Honour at the 5th Non-Interest Finance International Conference (IFRIG) 2026, held at Accra City Hall, on the theme: “Does Non-Interest Banking Belong to a Particular Group?”
His answer, on behalf of the Governor, was emphatic:
“Non-interest banking is an inclusive banking model that serves customers without discrimination based on religion, ethnicity, culture, or any other social consideration.”
He explained that the model is built on ethical, mutually beneficial financing arrangements that promote fairness, transparency and sustainable economic growth.
A Commercial Bank, Not A Religious Scheme
Prof. Gatsi stressed that non-interest banking is a commercial banking model designed to serve its clients and make profit. It is not a social scheme to manipulate clients for any religion.
He said the Bank of Ghana views the conference as a critical platform for awareness, education, policy dialogue, regulatory insight, innovation and stakeholder collaboration — all aimed at building a healthy, non-discriminatory and religiously neutral banking system.
The introduction of the non-interest banking “window” and fully-fledged banks, he said, will help mobilise funds currently sitting outside the banking system in households, and channel them into productive intermediation under a robust supervisory regime.
What The Conference Seeks To Achieve:
The Governor’s statement outlined ten key outcomes expected from the conference:
Public awareness: Correcting the misconception that non-interest banking is for one religious group, and explaining its asset-backed, risk-sharing principles.
Financial inclusion: Attracting individuals and businesses excluded from conventional banking due to interest burden and personal preference, especially SMEs and entrepreneurs
Knowledge sharing: Learning from thriving jurisdictions such as Kenya, Malaysia and Nigeria
Regulatory development: Engagement on prudential regulation, consumer protection, liquidity management, tax neutrality and governance
Investment mobilisation: Using Sukuk, equity-based financing and other products for infrastructure, SMEs, housing, agriculture and renewable energy
Ethical finance: Promoting transparency, fairness, shared risk and reward, and alignment with ESG and the Sustainable Development Goals
Industry collaboration, innovation, positioning Ghana as a financial hub, and national economic growth.
Strong Regulation Already In Place:
Prof. Gatsi recalled that since the decision to operationalise Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), the Bank has consistently emphasised that non-interest banking is part of the global financial system — one in which interest is neither paid nor received.
He said the Bank of Ghana has developed a progressive and inclusive regulatory framework after extensive consultations, drawing lessons from both secular and non-secular jurisdictions.
“While some countries started non-interest banking operations without a concrete regulation or with inadequate regulatory framework, the Bank of Ghana has taken time to put a comprehensive regulation described by some of our peers as forward-looking with regulatory clarity.”
As a result, the Bank has received three licence applications, which are currently under rigorous review.
The Bank has also coordinated with the National Insurance Commission and the Securities and Exchange Commission to develop the non-interest bond market and insurance to support liquidity management.
A Global Opportunity Ghana Cannot Miss:
The statement pointed to the sheer scale of the global opportunity:
– Global Sukuk issuance: Approximately US$291.4 billion in 2025, and projected to keep growing
– Global non-interest assets: Projected to reach US$10.5 trillion by 2030, growing at an average of 9% annually
Prof. Gatsi urged investors and institutions to develop interest in Sukuk, including Green Sukuk, to diversify Ghana’s financial market and finance strategic infrastructure, trade finance and agricultural support.
In conclusion, the Governor reaffirmed the Bank of Ghana’s commitment to ensuring implementation is guided by transparency, sound governance, consumer protection, financial stability and regulatory integrity.
“When properly implemented, non-interest banking can complement the conventional financial system, broaden access to financial services, mobilize productive investment, deepen financial inclusion, and contribute meaningfully to Ghana’s socio-economic transformation.”
He thanked the organisers, speakers, panellists and participants for advancing awareness and understanding of non-interest banking in Ghana.
