By Francis Ntow
Accra, Sept. 1, GNA – Dr Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), has reiterated that non-interest banking will deepen financial inclusion and support Ghana’s manufacturing sector.
He said the emerging banking model was designed to complement conventional banking by broadening access to financial services, increasing product diversity and supporting productive investment.
Dr Asiama made the remarks during an engagement with Ghana’s ecumenical leadership in Accra.
He said non-interest banking had no religious mandate and was backed by Parliament under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
“Properly implemented, the non-interest banking and finance can complement conventional banking. It can broaden access, mobilise productive investment, and contribute to Ghana’s socio-economic development.
“The framework is guided by fairness, by transparency, by equity, and risk sharing, and links finance to production, responsible and sustainable growth, and shared prosperity,” he said.
Dr Asiama said the BoG’s pursuit of non-interest banking was consistent with its regulatory mandate to promote financial-sector development, enhance financial stability and advance financial inclusion among Ghana’s diverse population.
He said the Bank was focused on the economic and developmental benefits of the model, including expanding access to financial services, increasing product diversity and enhancing consumer choice within the banking sector.
Dr Asiama said the Bank had undertaken extensive stakeholder consultations over the past year with religious leaders to address concerns about the purpose and implementation of the regulatory framework.
The consultations included engagements with the Christian Council of Ghana, Ghana Pentecostal and Charismatic Council, Ghana Catholic Bishops Conference, National Association of Charismatic and Christian Churches, Christian civil society organisations, selected churches and representatives of Islamic leadership structures.
Dr Asiama said the engagements demonstrated the Bank’s commitment to ensuring that the regulatory framework and public communication remained inclusive, respected Ghana’s religious diversity and made clear that non-interest banking products were available to all citizens.
“The bank does not pronounce on religious beliefs, not at all. Our responsibility is to regulate the institutions and the products that are offered,” he said.
The Central Bank Governor said the governance framework for non-interest banking was based on fairness, transparency, equity and risk-sharing, linking financial services to production, responsible and sustainable growth, and shared prosperity.
He said those principles reflected values shared across diverse religious and ethical traditions and were not limited to any particular faith.
Dr Asiama acknowledged that public education and stakeholder communication should not be a one-way process from the BoG to the public, and said the Bank would improve areas where gaps existed while responding to stakeholder concerns.
He urged religious leaders to use their influence to educate the public on the objectives of non-interest banking and help address misconceptions surrounding its implementation.
“As trusted leaders, you can help us understand how the framework is being received, and where greater clarity is needed, so that those who wish to use these products may do so with confidence, while those who prefer conventional banking may continue as before,” he said.
Dr Asiama called for continued engagement to strengthen the regulatory framework, improve public understanding and build confidence in non-interest banking.
He said the BoG remained committed to transparency in its regulatory activities, sound governance in supervision, robust consumer protection and regulatory integrity.
GNA
Edited by Kenneth Sackey
Reporter: Francis Ntow