BoG inaugurates Advisory Council to guide non-interest banking regulation

The Bank of Ghana (BoG) has inaugurated the Non-Interest Financial Advisory Council (NIFAC) to support the effective regulation and supervision of non-interest banking institutions as the sector gains traction in Ghana.

The council was formally inaugurated by BoG Governor Dr. Johnson Pandit Asiama on Tuesday, August 18, 2026, at the Bank’s headquarters in Accra.

Dr. Asiama said the initiative is part of the central bank’s broader commitment to building a financial system that accommodates the varying needs of consumers while maintaining financial stability.

“Non-interest finance widens that choice. It is not free finance, but a complement to conventional banking based on trade, leasing, partnerships and asset-backed transactions. Open to all, it can expand financial inclusion while protecting consumers and financial stability.”

He explained that the establishment of NIFAC follows the development of a regulatory framework for non-interest banking.

In 2025, the BoG constituted a dedicated team to develop the necessary regulatory and supervisory arrangements, culminating in the publication of the Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana in January 2026.

The guideline permits existing financial institutions to provide non-interest services through dedicated windows while also creating a framework for licensing and supervising fully fledged non-interest banking institutions.

The Governor said interest in non-interest finance has increased since the guideline was published, making the establishment of a national advisory structure necessary for the orderly development of the sector.

NIFAC will serve as the BoG’s national advisory council on non-interest banking and finance.

It will advise the central bank on the regulation and supervision of non-interest banking institutions and provide advisory support to the Securities and Exchange Commission and the National Insurance Commission as the wider non-interest finance ecosystem develops.

Dr. Asiama urged members of the council to bring independence, objectivity and professionalism to their work, noting that their expertise would be important as institutions develop new products and navigate emerging regulatory questions.

“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 Governor expressed confidence that the council’s work would support the orderly development of non-interest finance while promoting consumer protection, financial stability and public confidence in the emerging sector.