In a significant development for Ghana’s financial landscape, Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), announced plans to issue licenses for non-interest banking, commonly known as Islamic banking. This initiative aims to enhance financial inclusion and stimulate economic growth within the country.
During a press briefing following the Monetary Policy Committee meeting held in Accra, Dr. Asiama indicated that the central bank is prepared to review applications from institutions interested in entering this sector. Although no specific timeline was provided, he expressed optimism regarding the number of prospective investors actively engaging with the bank.
“We are receiving numerous inquiries from potential investors who are in the process of conducting due diligence. We anticipate formal applications for licenses in the near future,” stated Dr. Asiama.
The Governor emphasized that the establishment of non-interest banking aligns with the Bank’s broader objectives, including financial stability and sustainable development. He highlighted the importance of adhering to principles that prohibit interest-based transactions, excessive uncertainty, and speculative activities.
Professor John Gartchie Gatsi, an advisor to the Governor, reiterated the readiness of the BoG to implement this financial model. He previously noted that the necessary frameworks and guidelines have been established as of late 2025, following extensive consultations.
Professor Gatsi clarified that non-interest banking should not be misconstrued as a means to promote any particular religion but rather as an alternative funding model that can support the growth of Small and Medium-sized Enterprises (SMEs) without the burden of interest payments. He cited successful implementations of similar banking systems in countries such as the United States, the United Kingdom, and Malaysia, advocating for their adoption in Ghana.
Despite the provisions for non-interest banking being included in the Banks and Specialised Deposit-Taking Institutions Act of 2016, it wasn’t until 2025 that a formalized operational framework was established. This recent progress marks a pivotal step towards diversifying Ghana’s banking sector and catering to a broader range of financial needs.
