The Bank of Ghana is set to complete nationwide stakeholder engagements on the rollout of Non-Interest Banking and Finance by December 2025, as it pushes ahead with critical reforms to expand the country’s financial landscape.
Advisor to the Governor, Professor John Gatsi, confirmed in an interview with 3Business that the ongoing consultations are vital to ensuring a smooth and inclusive implementation of the new banking model.
“We can’t simply use our regulatory authority to announce a framework and move on,” Prof. Gatsi said. “That approach would be inappropriate and unhelpful. We want all stakeholders on the same page through proper engagement.”
He revealed that the Central Bank has already engaged with several key groups, including professional associations, the Securities and Exchange Commission (SEC), the Ghana Journalists Association, and international organisations.
The next phase, he added, will involve consultations with Christian leaders and tertiary institutions to incorporate diverse perspectives into the final policy framework.
Prof. Gatsi underlined the importance of building consensus for the successful introduction of Non-Interest Banking, which is designed to accommodate ethical financial models, including but not limited to Islamic finance.
“It is encouraging to have stakeholders engaged,” Mr Gatsi added.
He also clarified the reasoning behind the rebranding from “Islamic Banking” to “Non-Interest Banking and Finance”, noting that the terminology reflects broader inclusivity.
He cited the Bank of Ghana Act (Section 18, 1R), which provides legal grounding for non-interest financial services in Ghana.
The advisor further stated that the Bank is on course to finalise the regulatory framework by the end of 2025.
A formal announcement will then be made to indicate whether the environment is conducive for institutions interested in offering non-interest banking services to begin operations.
