The Bank of Ghana has underscored the urgent need for comprehensive capacity building across the financial sector as the country prepares to operationalise non-interest banking and finance for the first time under Act 930.
Delivering the opening remarks on behalf of the Governor, Dr. Johnson Asiama, the Director of the Banking Supervision Department, Ismail Adam, said the Bank of Ghana considers the upcoming transition a national financial milestone that requires strong institutional preparation, technical expertise, and coordinated regulatory support.
Mr. Adam emphasized that although non-interest financial services were formally provided for in the Banks and Specialised Deposit-Taking Institutions Act (Act 930) since 2016, “this is the first time we are investing in a joint regulatory effort to operationalise the framework.”
The Director noted that non-interest banking will expand the range of ethical and asset-backed financing products available to individuals, businesses and industry, widening the country’s financial architecture and supporting real-sector growth.
According to him, the Bank of Ghana undertook extensive stakeholder consultations with both Christian and Muslim leadership to ensure that the model adopted reflects Ghana’s secular identity and shared values.
“This inclusive engagement allowed us to settle on the term ‘non-interest banking and finance’ to reflect the common principles we uphold as a nation,” he said.
Mr. Adam commended the Securities and Exchange Commission (SEC), the National Insurance Commission (NIC), and the Financial Intelligence Centre for their complementary roles in developing harmonised supervisory guidelines.
He stressed that a coordinated regulatory environment is essential to ensuring the safe rollout of new products, including asset-backed financing contracts, Sukuk, Takaful insurance, and risk-sharing instruments.
The BoG Director noted that Ghana cannot transition to non-interest banking without upgrading institutional skills and training financial professionals in product development, accounting, auditing, taxation, risk management, and contract structuring.
“The strength of regulation, supervision and operations will depend on the capacity, experience and skills of both the regulator and the market,” he said.
He urged commercial banks to scale up staff training, adapt their core banking software, and invest in technology systems tailored for non-interest products, which differ fundamentally from interest-based lending.
Mr. Adam highlighted several non-interest financing models that will become part of Ghana’s financial ecosystem, including:
- Mudaraba (profit-sharing)
- Musharaka (joint venture partnership)
- Ijara (leasing)
- Murabaha (cost-plus sale)
- Qard (benevolent financing)
- Savings and asset-backed structures
He noted that regulators and market players alike must understand these products deeply to ensure compliance, transparency and investor protection: “We must attract both local and foreign expertise to help us build capacity.”
Although the Bank of Ghana is still refining its draft guidelines, Mr. Adam urged financial institutions not to wait. He advised banks to develop business cases, identify target markets, and begin crafting phased implementation strategies for non-interest windows.
“Do not wait for the directive to be completed,” he cautioned, adding that: “start preparing now if you want to be ready.”
Mr. Adam encouraged participants to ask critical questions and engage fully in the technical sessions. “It is only when you understand that you will be able to roll out the products for the benefit of your clients,” he said.
He reasserted the Bank of Ghana’s commitment to providing regulatory clarity and supporting institutions as Ghana prepares to launch a new era of ethical, asset-backed and risk-sharing finance.
