BoG Governor calls for strong governance in non-interest finance sector

The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has called for strong governance, professionalism and consumer protection in the country's growing non interest finance sector following the inauguration of the Non Interest Financial Advisory Council (NIFAC).

Speaking at the inauguration ceremony held at Bank Square on Tuesday in Accra, Dr Asiama said the success of non interest banking and finance would depend on the confidence the public places in the institutions and products offered under the framework.

"The success of this initiative will not be measured by the number of new products introduced, but by whether those products are sound, useful, and worthy of public confidence," he stated.

The newly inaugurated Council will advise the Bank of Ghana on the governance, regulation and supervision of non interest banking institutions. It will also support the development of a credible and inclusive non interest finance ecosystem in the country.

Dr Asiama said the establishment of the Council forms part of efforts to ensure the orderly development of non interest banking and finance while maintaining high regulatory standards.

He stressed that public trust must remain at the centre of the sector's growth and urged stakeholders to place the interests of consumers at the forefront of their work.

The Governor charged members of the Council to carry out their responsibilities with independence, objectivity, professionalism and diligence.

"You have been entrusted with a responsibility that goes beyond regulation. Your work must help strengthen confidence in the financial system and ensure that non interest finance develops in a manner that serves the public interest," he said.

Dr Asiama expressed confidence in the expertise of the Council members and said their guidance would support the Bank's efforts to promote a sound and well regulated financial sector.