BoG Targets Local and Foreign Expertise to Strengthen Non-Interest Banking Sector
By Praisebell Rosemond Larbi
The Bank of Ghana (BoG) is intensifying efforts to attract both local and international expertise to accelerate the development of the country’s non-interest banking and finance sector, which regulators believe holds strong potential for expanding financial inclusion and strengthening the diversity of Ghana’s financial system.
Speaking at a stakeholder engagement in Accra, the Acting Head of Banking Supervision at the BoG, Ismail Adam, representing the Governor explained that the central bank is taking a deliberate approach to build the technical capacity required to position non-interest banking as a viable alternative for many Ghanaians currently excluded from the traditional banking space. He noted that globally, non-interest banking has emerged as a strategic tool for supporting underserved communities, SMEs and individuals whose financial practices align better with risk-sharing and asset-based financing models.
“We recognise the vast opportunities in this segment of the market and are committed to creating an enabling regulatory environment that allows non-interest financial institutions to thrive. This includes building capacity and drawing on both local and foreign expertise to strengthen the sector and ensure that Ghana maximises the full benefits of non-interest finance,” Mr. Adam said.
He stated that the Bank of Ghana has been engaging both domestic financial institutions and international partners to identify best practices, develop human capital, and refine supervisory frameworks capable of accommodating the innovative and specialised nature of non-interest banking products. The approach, he explained, is to ensure strong regulation while encouraging innovation that meets the needs of an evolving market.
Mr. Adam further noted that the central bank is working closely with industry players to boost risk management systems, support product development, and enhance compliance structures across institutions involved in non-interest finance. These efforts, he said, are intended to deepen trust in the sector and create a resilient foundation for long-term growth.
Director-General of the Securities and Exchange Commission (SEC), James Klutse Avedzi, also underscored the critical role of regulatory collaboration. He said Ghana’s capital markets stand to benefit significantly from the expansion of non-interest financial products, which offer new opportunities for both institutional and retail investors seeking alternative investment models.
“A well-regulated and well-resourced non-interest financial ecosystem can enhance investor confidence and broaden participation in our financial markets. We are ready to collaborate fully with the central bank to ensure the effective rollout and continuous strengthening of this growing sector,” he said.
The stakeholder engagement brought together financial institutions, regulators, and private sector actors to review progress, share insights, and identify key strategies for unlocking further opportunities within the non-interest banking space. Participants emphasised the need for sustained public education, greater product diversification, and more targeted capacity-building initiatives to increase understanding and uptake of non-interest financial offerings.
As Ghana positions itself to benefit from this emerging market, regulators remain optimistic that the growing collaboration between local and international partners will accelerate reforms and introduce new financial instruments capable of addressing gaps in access to credit, investment, and savings solutions.
