Ghana’s push to introduce non-interest banking in 2026 has received a major call for accountability as the Association of Chartered Certified Accountants (ACCA) urges policymakers and banks to prioritise strong reporting, assurance, and governance frameworks before rollout.
Speaking at the ACCA Business Leaders’ Forum on Sustainability and Non-Interest Banking in Accra, ACCA Africa Director, Jamil Ampomah, said the credibility of the upcoming banking model will depend heavily on how transparently institutions disclose their operations to the public.
“Non-interest banking can only grow when reporting is reliable and trusted,” he said, noting that investors and depositors will commit funds only when disclosures are accurate, consistent, and independently assured.
He explained that ACCA is working to support the financial sector with capacity building to strengthen reporting and governance practices as Ghana transitions into the new regime.
Regulatory Framework Ready for 2026 Launch
The Bank of Ghana (BoG) expects to operationalise the non-interest banking regulatory framework next year, allowing traditional banks to open non-interest windows and granting licences to fully-fledged non-interest banks.
Advisor to the Governor on Non-Interest Banking, Professor John Gatsi, said the regulatory framework is complete and awaiting final approval. He stressed that banks must strengthen their internal systems ahead of rollout.
“The sector requires people who understand the products, the risks, and the underlying governance,” he noted, adding that banks must train staff in compliance, risk management, treasury, and internal audit to ensure operational readiness.
Strong Reporting Seen as Key Market Differentiator
Mr Ampomah cautioned that weak reporting structures could slow the sector’s growth. Drawing lessons from markets such as Malaysia and Pakistan, where Islamic finance has expanded through strict disclosure practices, he argued that Ghana must adopt similar diligence to build investor confidence.
He said banks will require clear accounting frameworks for reporting on profit-sharing models, asset-backed transactions, and risk-management structures. “The governance and the reporting are what will give confidence to the market,” he emphasised.
BoG to Align Non-Interest Rules with Sustainability Principles
According to Prof. Gatsi, the central bank will integrate non-interest banking rules with its Sustainable Banking Principles, ensuring banks factor in environmental, social, and governance risks in product design and operations.
He explained that the alignment will make the sector more resilient and position it to finance growth-supporting areas such as agriculture, manufacturing, and infrastructure.
New Skills and Jobs Expected
The transition is also expected to open new professional pathways. Banks will require specialists in structuring, product development, compliance, and Sharia governance. Prof. Gatsi said the central bank is working with professional bodies and universities to embed non-interest banking concepts into training programmes.
Mr Ampomah encouraged banks to move early, arguing that demand for ethical and transparent finance is rising globally. He urged institutions to see the shift as part of a broader move toward responsible and sustainable finance.
