Non-Interest Banking won’t introduce religion into Ghana’s banking system – BoG clarifies

The Bank of Ghana (BoG) has rejected concerns that the introduction of Non-Interest Banking and Finance amounts to bringing religion into Ghana’s banking system.

Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, said the initiative was not intended to promote any particular religion but to provide an alternative financial model alongside conventional banking.

Speaking at a public engagement with the Ecumenical Society on Non-Interest Banking and Finance at Bank Square in Accra on Monday, August 31, 2026, Dr. Asiama said the concerns raised by sections of the Christian community were legitimate and required clear answers.

“Some have asked whether the Bank of Ghana is introducing a religion into Ghana’s banking system or supporting one faith over another. These are important questions, and the public is entitled to clarity,” he said.

“The Bank is not a regulator of religion, nor is it introducing a new religious category.”

According to the Governor, Parliament had already recognised non-interest banking services as a permissible banking activity under Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

“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 added.

Dr. Asiama explained that the Bank’s interest in non-interest banking was driven by its mandate to promote financial sector development, stability and inclusion.

He said the model could provide greater access to financial services, increase product diversity and give consumers more choices.

The Governor also disclosed that the BoG had undertaken extensive consultations with major Christian bodies and Islamic leadership before finalising its regulatory framework.

These included engagements with the Christian Council of Ghana, Ghana Pentecostal and Charismatic Council, Ghana Catholic Bishops’ Conference, National Association of Charismatic and Christian Churches, selected churches and Christian civil society organisations.

The Bank also engaged representatives of Islamic leadership and subsequently brought Christian and Islamic leaders together.

Dr. Asiama said those consultations reinforced the need for a framework and public communication that respected Ghana’s religious diversity while making it clear that non-interest banking products would be available to everyone.

The BoG published an exposure draft of the framework on December 9, 2025, and invited comments before issuing the final Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana on January 13, 2026.

The Bank has since produced documentaries and Frequently Asked Questions documents to educate the public on the framework and its governance structure.

Dr. Asiama stressed that non-interest banking would remain subject to the same regulatory discipline and safeguards that apply to the wider financial sector.

“No person may carry on non-interest banking business without a Bank of Ghana licence,” he said.

He added that non-interest products would remain subject to controls designed to protect depositors and safeguard the stability of the financial system.

The Governor urged continued dialogue with religious leaders and other stakeholders to address concerns and improve public understanding of the framework.

“The Bank of Ghana remains committed to transparency, sound governance, consumer protection and regulatory integrity,” he said.

He maintained that properly implemented, Non-Interest Banking and Finance could complement conventional banking and contribute to a more inclusive and diversified financial sector.