The Bank of Ghana has moved to clarify public concerns surrounding its proposed Non-Interest Banking (NIB) framework, amid a wave of debate over its perceived links to Islamic banking. The central bank emphasised that the framework is designed to be inclusive, secular, and accessible to all Ghanaians, regardless of faith, aiming to expand financial choice while deepening inclusion.
The central bank emphasised that the framework is a product of broad stakeholder engagement, rather than a religiously driven initiative. According to the Q&A document, the term “Non-Interest Banking” arose from consultations with stakeholders, including Christian and Muslim leaders, and reflects principles agreed during those discussions. “NIB in Ghana, as practiced globally, is open to everyone, regardless of their religion,” the Bank stated, highlighting that the services will be available to “any individual or business interested in this banking model.”
The framework defines Non-Interest Banking as a system that avoids interest (Riba), excessive uncertainty (Gharar), and speculative transactions resembling gambling (Maysir), while ensuring that all transactions are backed by real economic assets and activities. The policy allows for full-fledged non-interest banks as well as conventional banks operating dedicated non-interest “windows,” with strict separation of funds and operations. “Reallocating window funds to conventional operations is strictly prohibited without the Bank’s prior written approval,” the central bank clarified, underscoring the importance of operational integrity.
Governance and oversight are central to the framework. Each non-interest institution is required to establish a Non-Interest Banking Advisory Committee (NIBAC), while the Bank of Ghana itself will operate a Non-Interest Financial Advisory Council (NIFAC). The council is tasked with advising on regulation, reviewing proposed products, and approving operational structures. Consumer protection measures are also highlighted: clients investing in profit-sharing accounts must sign written notifications acknowledging they bear financial risk, except in cases of the institution’s negligence or misconduct.
Despite these clarifications, the framework has faced pointed criticism, most prominently from Bright Simons, Vice President of IMANI Africa. In his widely cited commentary, Simons described the approach as “too clever by half,” arguing that the policy attempts to remove religious labels while retaining the underlying substance of Islamic finance. He warned that although the draft bans religious symbols and language, it continues to rely on Islamic financial principles, creating “an identity crisis at the heart of the regime.”
Simons also questioned whether Ghana’s current commercial and banking laws are equipped to interpret contracts based on profit-sharing and partnership models common in Islamic finance. He further cautioned that excluding non-interest banks from interest-bearing instruments such as Treasury bills could hamper their competitiveness, potentially creating liquidity and operational challenges.
In response to speculation that the initiative is state-driven, the Bank of Ghana clarified: “No. It is a commercial entity, and investors, existing conventional financial institutions, entrepreneurs, and promoters who meet the various requirements will be allowed to set up NIBIs.”
The Bank of Ghana emphasized that the Guideline is still under consultation and that stakeholder input will shape its final form. It is engaging religious leaders, industry players, and civil society to ensure the framework promotes financial inclusion, supports economic growth, and expands consumer choice while preserving Ghana’s secular regulatory environment.
