The advisor to the Governor of the Bank of Ghana on Non-Interest Banking and Finance, Professor John Gatsi, says the capital requirements for establishing non-interest banks in Ghana will strictly follow the Central Bank’s existing prudential and regulatory standards.
He explained that institutions seeking to operate within the emerging non-interest banking space must be fully incorporated in Ghana and have their capital sources thoroughly verified under the Bank of Ghana’s regulatory oversight.
“The rules are very clear. If you want to set up a bank in Ghana, you must incorporate and subject your capital to scrutiny whether local or foreign to ensure it comes from an acceptable and transparent source. These measures are already embedded in Act 930, and we’re not reinventing them,” Prof. Gatsi said.
Speaking during a Thought Leadership Webinar on Non-Interest Banking and Finance organised by the Chartered Institute of Bankers, Ghana, he stressed that transparency and regulatory compliance are key to building public trust and stability in the new system.
Prof. Gatsi disclosed that the regulatory guidelines for non-interest banking are complete and currently undergoing internal validation before submission to the BoG Governor for approval.
He added that the process has involved extensive stakeholder consultations with both Muslim and non-Muslim communities to ensure a shared national understanding of the framework.
Under the new regime, the BoG will issue two types of licences; one for conventional banks seeking to offer non-interest banking products through a dedicated window, and another for fully-fledged non-interest banks whose operations are entirely based on interest-free principles.
“The framework is being developed in a secular context,” Prof. Gatsi clarified. “We are not expecting fully fledged non-interest banks to have names associated with any religion. The goal is to ensure sanity, inclusion, and progress within the industry.”
He further revealed ongoing collaboration between the BoG, the Securities and Exchange Commission (SEC), and the National Insurance Commission (NIC) to harmonise regulations governing Sukuk (Islamic bonds) and Takaful (non-interest insurance) as key components of the broader non-interest financial ecosystem.
“We have brought together these regulatory bodies to form a joint committee,” he noted. “By the time the BoG finalises its guidelines, the SEC and NIC will also have completed theirs to facilitate full capital market participation and alternative funding sources for national development.”
The Advisor also announced that the BoG will host a capacity development programme on December 1, 2025, for banks, insurance firms, and capital market players.
The training will focus on Susu issuance, product development, and non-interest insurance mechanisms.
He emphasised that Ghana’s transition to non-interest banking is not experimental but based on proven global modelsfrom countries such as Nigeria, Malaysia, Kenya, and South Africa.
“A governance structure will ensure that all non-interest products align with ethical finance principles, supported by a central oversight mechanism at the Bank of Ghana,” Prof. Gatsi added.
Prof. Gatsi concluded that the Bank of Ghana is on track to operationalise non-interest banking before the end of 2025, positioning Ghana among countries using ethical and inclusive finance to foster stability, investment, and sustainable growth.
