The Bank of Ghana has clarified that Islamic-style banking, also known as non-interest banking, is open to all Ghanaians, regardless of their faith or background. Governor Johnson Asiama made the statement at the 5th Non-Interest Finance International Conference 2026 in Accra, where he emphasized that the model is an inclusive banking system that serves customers without discrimination. The conference, organized by the Islamic Finance Research Institute of Ghana, brought together regulators, bankers, and delegates from across Africa to discuss the sector's practical applications.
Dr. Asiama's remarks were delivered on his behalf by his Special Adviser, Professor John Gatsi. The Governor pointed out that the Bank of Ghana has observed the success of non-interest banking in other countries, such as Kenya, Nigeria, Malaysia, South Africa, and the United Kingdom, where it has attracted a broad customer base. He stressed that non-interest banking is a commercial system built on fairness and transparency, where banks avoid charging or paying fixed interest and instead structure returns around shared risk and profit.
The Bank of Ghana has operationalized Section 18(1)(r) of the Banks and Specialized Deposit-Taking Institutions Act, 2016, providing a formal regulatory basis for non-interest banking. The central bank has received three license applications from institutions seeking to operate non-interest banking services, which are currently under review. Dr. Asiama believes that non-interest banking can speed up financial inclusion by drawing in individuals and businesses that have stayed away from conventional banking due to interest charges or personal preference.
Ghana's financial sector is expected to benefit from the introduction of Sukuk, non-interest bonds used globally to raise capital. Dr. Asiama mentioned that global Sukuk issuance is projected to reach $10.5 trillion by 2030 and suggested that Ghana should tap into this market to fund infrastructure development. The Bank of Ghana is working with the National Insurance Commission and the Securities and Exchange Commission to widen the range of non-interest financial instruments available in the country.
The introduction of non-interest banking in Ghana is part of the country's five-year plan to turn bank accounts into real financial security. Dr. Asiama's statement aims to dispel the assumption that non-interest banking is reserved for Muslim customers. The model is designed to provide an alternative to conventional banking, allowing customers to choose banking products that align with their personal or financial values.
The Islamic Finance Research Institute of Ghana organized the conference to address the question of whether non-interest banking belongs to a particular group. The event drew delegates from across Africa, including Nigeria and Kenya, where non-interest banking has gained traction. The conference provided a platform for regulators, bankers, and experts to discuss the practical applications of non-interest banking and its potential to drive financial inclusion.
The Bank of Ghana's clarification on non-interest banking is expected to promote financial inclusion and provide Ghanaians with more choices in the banking sector. The central bank's move to regulate non-interest banking and review license applications is a step towards creating a more inclusive financial system. As the sector continues to evolve, Ghanaians can expect more innovative banking products that cater to their diverse needs and preferences.
Key points
- Non-interest banking is open to all Ghanaians, regardless of faith or background.
- The Bank of Ghana has received three license applications for non-interest banking services.
- Ghana is expected to tap into the global Sukuk market to fund infrastructure development.
