Just imagine a local trader in Accra seeking to restock her shop, a manufacturer in Kumasi needing new heavy equipment, or a young family looking for a financial product that mirrors their personal values.
This is one of the major reasons why the Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, says a diversified financial sector is highly desirable.
For many Ghanaians, the traditional interest-based banking model has been the only path, but there is a significant shift underway to ensure the financial system responds to these diverse needs.
In view of this agenda, the Central Bank, on Tuesday, August 18, 2026, took a definitive step toward making this inclusivity a reality by inaugurating the Non-Interest Financial Advisory Council (NIFAC).
Speaking at the Bank Square in Accra, Governor Dr. Johnson Pandit Asiama emphasized that this decision is not just another regulatory milestone; it is a commitment to a fairer financial system.
Bridging the Gap: From Law to Reality
While the legal foundation for non-interest banking was laid nearly a decade ago under Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), the Governor noted that “legal provision alone does not create a functioning market”.
The journey gained significant momentum in 2025 when a dedicated team was formed to build the necessary regulatory “scaffolding.”
This effort culminated in the January 2026 publication of the Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana, which now allows existing banks to open windows for these services or for the licensing of entirely new, fully-fledged non-interest institutions.
Why an Advisory Council?
As financial institutions and the public show growing interest, the Bank of Ghana recognized the need for a national structure to handle the complexities of this evolving sector. Non-interest finance is not “free finance”; it is a sophisticated system based on trade, leasing, partnerships, and asset-backed transactions.
As new products emerge, they will inevitably bring questions regarding compliance, interpretation, and consistency.
NIFAC was established to provide the sound, independent judgment required to navigate these challenges, ensuring the sector grows in an orderly and credible manner.
The Mandate: Guarding the Public Interest
The Council’s charge, according to the Governor, is very critical. While individual banks will have their own internal committees, NIFAC will advise the Bank of Ghana at the national level on all matters regarding regulation and supervision.
Furthermore, the Council will extend its advisory support to the Securities and Exchange Commission (SEC) and the National Insurance Commission (NIC) until those bodies establish their own councils. Governor Asiama was firm in his charge to the members, who represent a brain trust of experts in banking, law, economics, and non-interest principles.
He warned that products should not be accepted simply because they carry a “non-interest” label.
“Their structure, risks, costs, and obligations must be transparent and capable of being understood by customers,” the Governor stated. The Council’s success, he added, would be measured not by the quantity of new products, but by their utility and the public’s confidence in them.
A New Chapter for Ghanaian Finance
By drawing on international standards from the Islamic Financial Services Board, the BoG is positioning Ghana to offer a complement to conventional banking that protects both consumers and financial stability.
As the members of the newly established NIFAC begin their deliberations, the goal remains human-centered and financial-sector-friendly, and to ensure that whether it is a business expansion or a family’s savings, every Ghanaian has a financial option they can truly understand and trust.
