The Bank of Ghana is calling for a renewed focus on people, skills, and expertise as the country prepares to introduce Non-Interest Banking and Finance. For the regulator, the success of this new financial architecture will depend less on institutions and more on the knowledge base of the professionals who will power it.
Delivering remarks on behalf of the Governor, Dr. Johnson Pandit Asiama, Mr. Ismail Adam, Director of the Banking Supervision Department, emphasised that the success of the emerging framework hinges not only on regulatory clarity but also on the technical and operational expertise of both the regulator and the industry.
“Capacity building is critical as it helps us build experience, expertise, and provides regulatory clarity in our supervision,” the Governor’s statement said. He further noted that “we reckon that non-interest banking principles, product development, contract structuring, accounting, auditing, and taxation need capacity building,” highlighting that Ghana’s financial institutions must be ready to handle the unique requirements of non-interest banking products.
A key focus of the BoG’s call is on human capital development in Islamic finance, a sector that underpins many non-interest financial instruments. According to the Governor’s remarks, “There is the need to attract both local and Ghanaian expertise resident outside Ghana as well as foreign expertise.”
This includes training staff to understand and operate complex products such as Mudarabah (profit-sharing), Musharakah (joint venture), Ijara (leasing), and Murabaha (cost-plus sale). As the Governor stressed, “Understanding and experience in products such as Mudarabah, Musharakah, Ijara, and Murabaha is critical for us as a regulator.”
To ensure institutions are prepared for the NIBF rollout, the BoG is also urging conventional banks to proactively develop their workforce. “Conventional financial institutions are encouraged to scale up their training needs,” the remarks said, highlighting the urgency for both domestic and international collaborations in skills development.
Mr. Adam emphasised that the strength of regulation and supervision ultimately depends on the competence of both regulators and operators. “The strength of regulation, supervision and operation depends on the capacity, experience and skills of both the regulator and the operators,” he noted.
The Bank of Ghana’s initiative also encourages partnerships with established training bodies and international non-interest banking institutions to fast-track knowledge transfer. By building local expertise, the central bank hopes to create a sustainable ecosystem capable of supporting asset-backed, risk-sharing, and profit-and-loss-sharing financial products across the nation.
What lies ahead is more than the rollout of a new financial system; it is the building of the human machinery needed to sustain it. For the Bank of Ghana, the true test of non-interest banking will not only be in its launch but in the preparedness of the men and women who must manage, supervise, and innovate within it. Their expertise, more than anything else, will determine whether the reform thrives or falters.
