BoG Pushes for Skills Development Ahead of Non-Interest Banking Rollout

As Ghana moves closer to introducing non-interest banking and finance, the Bank of Ghana (BoG) is placing human capital at the centre of the transition, insisting that the reform will stand or fall on the skills and preparedness of the people who operate the system.

Rather than focusing solely on new rules and institutional arrangements, the central bank is urging the industry to turn its attention to training, technical competency and specialised expertise. The call, delivered on behalf of the Governor, Dr Johnson Pandit Asiama, reflects the regulator’s assessment that Ghana’s financial sector cannot embrace the new model without first strengthening the capacity of those who will drive it.

“Capacity building is critical as it helps us build experience, expertise, and provides regulatory clarity in our supervision,” the Governor’s statement said. He added that “we reckon that non-interest banking principles, product development, contract structuring, accounting, auditing, and taxation need capacity building,” signalling that the transition demands deeper operational knowledge than what many institutions currently possess.

Islamic finance on which many non-interest financial products are based, features prominently in the BoG’s concerns. The Governor’s remarks noted that “There is the need to attract both local and Ghanaian expertise resident outside Ghana as well as foreign expertise,” underscoring a shortage of trained professionals in the field.

Understanding specialised instruments like Mudarabah, Musharakah, Ijara and Murabaha is seen as essential. As emphasised in the remarks, “Understanding and experience in products such as Mudarabah, Musharakah, Ijara, and Murabaha is critical for us as a regulator.”

Banks, especially conventional ones, are therefore being encouraged to upgrade their staff capabilities well before the rollout. “Conventional financial institutions are encouraged to scale up their training needs,” the BoG noted, urging institutions to pursue both domestic and international learning partnerships to bridge knowledge gaps quickly.

Mr Ismail Adam, Director of the Banking Supervision Department, reinforced the message that an effective regulatory environment relies on competent people as much as on well-crafted rules. “The strength of regulation, supervision and operation depends on the capacity, experience and skills of both the regulator and the operators,” he said.

With non-interest banking expected to introduce asset-backed financing, risk-sharing principles and profit-and-loss arrangements, the BoG maintains that Ghana must cultivate a skilled workforce capable of supporting and sustaining these products.

In the central bank’s view, the coming reform is not merely the launch of a new financial model but the construction of a talent base to secure its future. Whether the system succeeds, it argues, will depend less on the policy itself and more on the men and women trained to bring it to life.