The Bank of Ghana (BoG) has signalled a decisive step toward the introduction of non-interest banking and finance in the country as Professor John Gatsi, Advisor to the Governor on Non-Interest Banking, officially opened a capacity-building programme in Accra on Monday.
Delivering the welcome address, Prof. Gatsi described the training as “a crucial part of the journey toward consolidating the Bank of Ghana’s work in developing supervisory and regulatory guidance for non-interest banking and financial services.”
He said the programme represents one of the final institutional preparations as the central bank prepares to operationalise a new financial model that will diversify Ghana’s banking landscape, expand ethical finance options, and align the country with global best practices already established in jurisdictions such as Malaysia, Nigeria, Kenya and the United Kingdom.
Prof. Gatsi acknowledged that developing the regulatory guidelines required extensive consultation and technical benchmarking with central banks and regulatory bodies that have operated non-interest banking for decades.
He cited support from the Central Bank of Nigeria, Bank Negara Malaysia, the Bank of England, the Securities and Exchange Commission of Nigeria and Malaysia, as well as institutions such as Jaiz Bank and Taj Bank, leading operators in Islamic and non-interest finance.
“These institutions supported us when we embarked on the task of learning from jurisdictions practising this model,” he said, adding that Ghana’s framework has been crafted to ensure global compatibility and strong domestic supervision.
He stressed that Ghana’s transition into non-interest banking cannot succeed without a well-prepared workforce: “Without sound and capable staff in senior positions, operating non-interest banking and finance becomes extremely difficult.”
The training programme, he explained, is designed to deepen participants’ understanding of:
- foundational principles of non-interest banking
- product development and licensing
- capital requirements
- Sukuk (non-interest bonds) structuring
- governance and compliance
- non-interest insurance (Takaful)
This technical preparation, he said, will ensure a smooth national rollout and strengthen institutional resilience within the sector.
Prof. Gatsi expressed gratitude to several departments within the Bank of Ghana including the Legal, Communications, and Banking Supervision Departments for their technical input during the development of guidelines.
He also paid tribute to the Ghanaian and foreign facilitators leading the sessions, noting that their expertise will “serve as the guiding light” for participants throughout the programme.
The training programme forms part of the central bank’s broader roadmap to formally introduce regulated non-interest banking in Ghana, expanding financial inclusion, diversifying investment instruments, and positioning Ghana to tap into the fast-growing global ethical finance market.
Prof. Gatsi wished participants an “enriching, insightful and practical experience,” underscoring BoG’s confidence that the knowledge acquired will strengthen the sector ahead of implementation.
