Non-Interest Banking and Finance is not introduction of religion into Ghana’s banking system — BoG
The Bank of Ghana (BoG) has moved to dispel concerns that its introduction of Non-Interest Banking and Finance amounts to bringing religion into Ghana’s financial sector.
Governor of the Bank of Ghana, Dr Johnson Asiama, said the central bank was neither regulating religion nor creating a new religious category through the introduction of the banking model.
He made the clarification during an engagement with members of the ecumenical community aimed at addressing concerns surrounding the implementation of Non-Interest Banking and Finance in Ghana.
According to Dr Asiama, the Bank of Ghana’s responsibility is strictly to provide the regulatory and supervisory framework for licensed financial institutions that choose to offer non-interest banking services.
“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.”
Dr Asiama explained that Parliament had already recognised non-interest banking as a permissible banking activity under Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
He stressed that the model was intended to operate alongside conventional banking rather than replace it.
“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 said.
The clarification comes after sections of the interfaith community and the financial sector raised questions about the implications of introducing Non-Interest Banking and Finance and whether its framework was linked to the promotion of a particular religion.
The Bank of Ghana on August 18 inaugurated a five-member Non-Interest Financial Advisory Council (NIFAC), marking a move from developing the regulatory framework towards implementing non-interest banking as a segment of Ghana’s financial sector.
Dr Asiama said the central bank was committed to ensuring that the new model was implemented with transparency, sound governance, consumer protection and regulatory integrity.
He said a properly structured non-interest banking system could complement conventional banking, expand access to financial services, mobilise productive investment and support Ghana’s socio-economic development.
Presidential Envoy for Interfaith and Ecumenical Relations, Elvis Afriyie Ankrah, welcomed the engagement, saying discussions with the clergy were important in addressing concerns and improving public understanding of the new banking model.
He said Non-Interest Banking had the potential to deepen financial inclusion by giving Ghanaians access to alternative financial products that respond to different needs and values while maintaining financial stability.