The Bank of Ghana (BoG) is fully prepared to implement the country’s non-interest banking regulation after completing all structural arrangements and operational guidelines, Professor John Gatsi, Advisor to the Governor on Non-Interest Banking, has said.
He said only one final validation step at the Bank’s top management level remained before the regulatory framework is officially issued to guide financial institutions seeking to operate non-interest banking windows.
Prof. Gatsi disclosed in an interview on the sidelines of the Business Leaders’ Forum organised by the Association of Chartered Certified Accountants (ACCA) on the theme, “Sustainability and Non-Interest Banking in Ghana.”
The Forum formed part of ACCA’s broader efforts to promote financial sector innovation and support sustainable finance development.
It convened senior business executives, policymakers and financial sector players to examine market readiness, policy alignment and strategic partnerships needed to scale up non-interest banking in Ghana.
Prof. Gatsi said the rollout of the regulatory framework would diversify the country’s financial architecture and reshape how trade, infrastructure and major projects are funded.
It is also expected to create new employment opportunities across the financial ecosystem, particularly in the capital market.
He noted that conventional banks were already preparing to open specialised non-interest banking windows, which would require staff trained in the operations and principles of the model, while venture capital and fintech activities were also projected to expand over time.
“We hope to see a wide range of benefits unfold in the financial landscape,” he said.
Prof. Gatsi stressed that government support for non-interest banking had been consistent, adding that the new framework aligned with national initiatives to improve financial inclusion, especially for young people and women with limited access to conventional credit.
He said the central bank was committed to implementing provisions on non-interest finance embedded in policy frameworks since 2016, with the goal of positioning the sector as a contributor to broader economic development.
Mr Jamil Ampomah, ACCA’s Africa Director, said the institution’s strong interest in non-interest banking stemmed from its potential to deepen access to finance and strengthen the foundations of inclusive economic growth.
He said non-interest banking offered opportunities to diversify financial products and scale up emerging segments such as green finance, which, though still developing globally, had shown strong commercial value.
According to him, the model provides fresh prospects for professionals and clients alike, creating new pathways beyond what traditional banking currently offers.
Mr Ampomah noted that several African countries practising non-interest banking had recorded positive outcomes, with the expanded financing options contributing to revenue growth for banks and insurance companies.
He urged Ghanaian financial institutions to take advantage of the upcoming regulatory rollout, emphasising that early adopters stood to gain a first-mover advantage, even as others may choose a phased approach.
“This is a new avenue that broadens access and finance choices for customers,” he said.
