Ghana ready to roll out non-interest banking – Prof. Gatsi

THE Bank of Ghana (BoG) has completed all preparations for the introduction of non-interest banking services.

The Advisor to the Governor of BoG on Non-Interest Banking, Professor John Gatsi, who disclosed this, said all structures and guidelines were in place, with only final approval needed.

“We have put all the structures in place. We have put the guidelines in place. It is just left with one level of validation at the top management level.”

“Then the top management will take the decision to roll the regulation out,” he stated.

Forum

Prof. Gasti was speaking to the media on the sidelines of the Business Leaders’ Forum held on the theme: “Sustainability and Non-Interest Banking in Ghana,” in Accra.

The Forum, organised by the Association of Chartered Certified Accountants (ACCA), formed part of the Association’s commitment to advancing financial sector innovation and promoting sustainable finance in Ghana.

It brought together industry players, policymakers and bankers to explore non-interest banking products, market readiness, policy alignment and strategic partnerships that could drive inclusive and sustainable economic growth.

The regulatory framework, he said, had been designed to ensure compliance and minimise risks through a two-tier governance system.

He said the first level would be based on Section 930 of the Banking Act, while the second would comprise a Non-Interest Bank Advisory Committee specifically focused on product oversight.

“They will see to it that the products are in line with non-interest banking principles, and to ensure that there is compliance so that risk will be minimised or limited,” he explained.

Benefits

Prof. Gatsi highlighted the potential for job creation in the financial sector, particularly in banking and capital markets, though he acknowledged that specific numbers had not yet been determined.

“Conventional banks will open windows. That means they need to get people who understand this banking business. So that will be added employment,” Prof. Gasti said.

He further noted that the initiative would diversify financing options for trade, projects and infrastructure development in the country.

The capital market, he added, would be significantly impacted through the structuring of Sukuk and advisory services requiring expertise in non-interest banking.

He added that the new banking system was also expected to benefit Ghana’s FinTech ecosystem and venture capital activities, citing successful examples from Nigeria and Malaysia.

Infrastructure financing

Addressing concerns about government support, Prof. Gatsi emphasised that non-interest banking would provide access to patient capital for infrastructure investment.

He expressed confidence in government backing, noting that the initiative aligned with key government policies.

“The government’s 24-hour economy project will benefit from non-interest banking. The government’s continued promotion of skills development for young people will find space there. Government identification of women to provide financial support will get space within the non-interest banking arena,” he said.

Prof. Gatsi revealed that extensive engagements had been held with professional bodies including ACCA, the Institute of Chartered Accountants Ghana, the Chartered Institute of Bankers (CIB), Ghana, the Chartered Institute of Marketing and CIMA.

“We explained to them the need for development of a curriculum and the need for beefing up the curriculum to reflect the professional training that is needed in the area,” he said.

Governance systems

The Director for ACCA Africa, Jamil Ampomah, called for stronger reporting, governance and assurance systems as Ghana prepares to roll out non-interest banking in 2026.

He explained that market confidence would be the decisive factor in determining the future of the sector, noting that investors and depositors will only participate meaningfully when disclosures are accurate and consistent.

“Non-interest banking can only grow when reporting is reliable and trusted,” Mr Ampomah said.