Non-Interest Banking: Your Deposits Are Safe, BoG Assures Ghanaians

Bank of Ghana Governor Johnson Pundit Asiama has reassured Ghanaians that non-interest banking products will be regulated under the same strict controls as conventional banking, ensuring the safety of deposits and the stability of the financial system. Speaking at a meeting with religious leaders on September 1, 2026, Asiama emphasized that the Bank of Ghana would maintain transparency and sound supervision principles for non-interest banking, making the controls clear to the public.

Non-interest banking, also known as profit-and-loss sharing banking, prohibits charging or receiving interest and relies on alternative profit models such as asset backing. The Governor stressed that the Bank of Ghana is not introducing religion into the financial system nor favoring any particular faith. Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) recognizes non-interest banking as a permissible activity.

The central bank's role is to provide the regulatory and supervisory framework for licensed institutions offering non-interest banking services, complementing rather than replacing conventional banking. The Bank of Ghana has engaged religious leaders, including representatives from the Christian Council of Ghana, Ghana Pentecostal and Charismatic Council, Ghana Catholic Bishops Conference, and others, to address concerns and develop a framework that respects Ghana's religious diversity.

Institutions seeking to provide non-interest banking services must obtain a licence from the Bank of Ghana and comply with supervision in areas such as payment systems, fund transfers, capital sources, leadership, and corporate governance. The framework is based on fairness, transparency, equity, and risk-sharing, linking financial activities to real economic activities and productive assets.

The newly established Non-Interest Financial Advisory Council (NIFAC) will provide technical advice to the Bank of Ghana on the regulation and supervision of non-interest banking institutions without diminishing the central bank's regulatory and enforcement powers. Asiama highlighted the importance of continued dialogue and education to address remaining concerns among the public, emphasizing that Ghanaians who prefer conventional banking can continue using those services.

He expressed confidence that non-interest banking could expand financial service access, support productive investment, and contribute to Ghana's socio-economic development.