Non-interest banking not religious doctrine – Governor Asiama

Dr. Johnson Asiama, the Governor of the Bank of Ghana (BoG), has reassured Ghanaians, particularly the Christian community, that the country's upcoming non-interest banking system is not intended to promote any religious doctrine. Instead, he explained, non-interest banking is a commercial and inclusive financial service accessible to everyone, regardless of their religious beliefs.

The primary objective of this initiative is to boost financial inclusion, provide more choices, and offer ethical banking alternatives. Dr. Asiama made these assurances during a strategic meeting with Ghana's religious community in Accra. He provided clarification on the regulatory framework overseeing non-interest banking, which is backed by Parliament and the Banks and Specialized Deposit Taking Institutions Act 2016 (Act 930).

During the meeting with the Christian community, Dr. Asiama sought to address concerns about the Central Bank introducing non-interest banking to favor a particular faith. He emphasized that the central bank is not involved in regulating religion or introducing a new religious category. His role is to establish a regulatory and supervisory framework that allows licensed financial institutions to offer this inclusive and non-discriminatory commercial banking model as an alternative to traditional banking, rather than a substitute for it.

The Bank of Ghana has been conducting extensive consultations with Ghana's faith communities since the publication of the non-interest banking guideline on January 13, 2025. These discussions involved the Christian Council of Ghana, the Ghana Pentecostal and Charismatic Council, the Ghana Catholic Bishops Conference, the National Association of Charismatic and Christian Churches, Christian civil society organizations, selected churches, and Islamic leadership representatives.

These engagements have reinforced the need for a public framework that respects Ghana's religious diversity while clearly communicating that non-interest banking products are available to all citizens.

The non-interest banking guidelines, published in December 2025, emphasize fairness, transparency, equity, and responsible growth. They promote production-based finance, shared prosperity, and sustainable development – values that transcend religious and ethical boundaries. In August, the Non-Interest Financial Advisory Council (NIFAC) was inaugurated, marking a shift from policy development to implementation.

Dr. Asiama affirmed the Bank of Ghana's commitment to transparency, sound governance, and consumer protection. He emphasized that well-implemented non-interest banking would complement conventional banking, increase access to financial services, mobilize investments, and drive inclusive socio-economic growth.

Mr. Elvis Afriyie Ankrah, the Presidential Envoy for Interfaith and Ecumenical Relations, commended the Bank of Ghana for facilitating open dialogue. He noted that misinformation and assumptions often arise in the absence of meaningful conversation. Mr. Ankrah stressed that while different faith communities may have varying perspectives, their common goal is to contribute to Ghana's peace, stability, and prosperity through constructive engagement.

He expressed confidence that the meeting would clarify the regulatory framework, strengthen trust between the central bank and faith communities, and serve the nation's greater good.