BoG Inaugurates Council To Oversee Non-Interest Finance

Dr. Johnson Asiama, Governor of the Bank of Ghana, has officially launched the Non-Interest Financial Advisory Council (NIFAC) to oversee the regulation and supervision of non-interest financial institutions across the nation. Speaking at an event in Accra, Dr. Asiama explained that the NIFAC's establishment aims to enhance the inclusivity and fairness of Ghana's financial system while safeguarding consumers and ensuring financial stability.

The Council will act as an advisory body for the Bank of Ghana, providing guidance on the governance of non-interest banking and finance. Non-interest finance, while not interest-free, complements traditional banking by offering services based on trade, leasing, partnerships, and asset-backed transactions. In 2025, a specialized team was formed to develop the necessary regulations and supervision methods for non-interest banking.

The guideline for this sector was released in January 2026, allowing existing financial institutions to offer non-interest services through dedicated channels or to obtain full licensing and supervision. Dr. Asiama emphasized that the NIFAC will provide advisory support to other financial regulatory bodies, such as the Securities and Exchange Commission and the National Insurance Commission, as the non-interest finance sector continues to grow.

The Council's role will be advisory only and will not replace the responsibilities of the central bank or other regulators. Dr. Asiama encouraged the NIFAC members to contribute their expertise in various fields to fulfill their advisory duties effectively.