BoG to Introduce Dual Licensing for Non-Interest Banking Institutions – Prof John Gatsi
Advisor to the Governor of the Bank of Ghana (BoG) on Non-Interest Banking and Finance, Professor John Gatsi has announced that the Bank of Ghana (BoG) will implement two separate licences to regulate the operation of non-interest banking institutions in Ghana.
At a webinar hosted by the Islamic Finance Research Institute of Ghana (IFRIG) on November 4, 2025, themed “Non-Interest Banking and Finance: A Pathway to Ethical Banking and Inclusive Growth,” Prof Gatsi clarified that one licence will be for existing conventional banks offering non-interest products under a window, while the other will be a full-fledged non-interest banking licence for institutions operating entirely on non-interest principles.
“The BoG will issue two types of licences, one for existing conventional banks that want to deploy non-interest banking products and services under a window, and a full-fledged non-interest banking licence for institutions whose entire operations are based on non-interest principles,” Prof Gatsi stated.
He stressed that the regulatory framework is designed for inclusivity and aligned with Ghana’s secular financial system. To ensure neutrality and transparency, licensed non-interest banks are prohibited from using overtly religious names or symbols.
Prof Gatsi confirmed that the guidelines have been completed and are currently under internal validation before submission for approval. The development process involved extensive consultations with both Muslim and non-Muslim stakeholders to build a common understanding.
He also highlighted collaboration among the BoG, the Securities and Exchange Commission (SEC), and the National Insurance Commission (NIC) to harmonize regulations governing Sukuk (Islamic bonds) and Takaful (non-interest insurance), essential components of the non-interest finance sector.
“We have formed a regulatory committee with these bodies, By the time BoG approves its guidelines, the SEC and NIC will have finalized theirs to enable full capital market participation and alternative funding options for infrastructure and business development.”,” he noted.
