Dr. Asiama tasks newly inaugurated Advisory Council to strengthen oversight of non-interest finance

Bank of Ghana (BoG) Governor Dr. Johnson Pandit Asiama has tasked the newly inaugurated Non-Interest Financial Advisory Council (NIFAC) to provide independent and professional advice as Ghana develops its non-interest banking and finance sector.

Speaking at the inauguration of the Council in Accra on Tuesday, August 18, 2026, Dr. Asiama said NIFAC’s work would be critical as financial institutions introduce new products and regulators confront emerging questions around compliance, interpretation and consistency.

“Addressing them will require sound and independent judgment. That is why strong governance matters, and why NIFAC has been established.”

NIFAC will serve as the Bank of Ghana’s national advisory council on non-interest banking and finance, advising the central bank on the regulation and supervision of non-interest banking institutions.

The Council will also provide advisory support to the Securities and Exchange Commission and the National Insurance Commission as the wider non-interest finance ecosystem develops.

Dr. Asiama said members of the Council bring expertise spanning banking, finance, governance, accounting, law, economics and non-interest financial principles, which he said would be important in navigating the sector’s emerging challenges.

He urged members to remain independent and objective in carrying out their responsibilities, stressing that their mandate must ultimately serve the integrity of the financial framework and the public interest.

“I therefore urge you to approach your mandate with independence, objectivity, professionalism and diligence. Your duty is to the integrity of the framework, the soundness of the financial system and the public interest.”

The establishment of NIFAC follows the publication of the Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana in January 2026.

The guideline provides for existing financial institutions to offer non-interest services through dedicated windows, while also allowing for the licensing and supervision of fully fledged non-interest banking institutions.

The BoG said growing interest from financial institutions and the public following the publication of the guideline made the establishment of the Council a necessary next step in supporting the orderly development of the sector.