ACCRA — The Bank of Ghana on Tuesday August 18, inaugurated the Non-Interest Financial Advisory Council (NIFAC), a new national advisory body that will guide the central bank’s regulation of Ghana’s emerging non-interest banking sector. Speaking at the ceremony on 18 August 2026 on the 17th Floor of the Tower Block at Bank Square, Governor Dr. Johnson Pandit Asiama said the inauguration “underscores our commitment to establishing a robust governance framework for the effective regulation and supervision of Non-Interest Banking Institutions in the country.”
Dr. Asiama framed the initiative as part of a broader commitment to a fair and inclusive financial system. “A trader seeking stock, a manufacturer needing equipment, or a family looking for a product consistent with its values should have an option it can understand and trust,” he said. Non-interest finance, he stressed, “is not free finance, but a complement to conventional banking based on trade, leasing, partnerships and asset-backed transactions,” with the potential to expand financial inclusion while protecting consumers and financial stability.
The Governor traced the sector’s roots to Section 18(1)(r) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), which provided the legal basis for non-interest banking services in Ghana. But he noted that “legal provision alone does not create a functioning market.” In 2025, the Bank of Ghana constituted a dedicated team, led by its Advisor on Non-Interest Banking and Finance, to develop the necessary regulatory and supervisory arrangements. That work produced the Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana, published in January 2026, which allows existing financial institutions to offer non-interest services through dedicated “windows” and provides for the licensing and supervision of fully-fledged non-interest banking institutions.
Since the Guideline’s publication, Asiama said, the Bank has seen “growing interest from financial institutions and the public,” making Tuesday’s inauguration “the next practical step” — putting in place “the national advisory structure needed to support the orderly development of the sector.” Under the framework, non-interest banking institutions are required to establish their own advisory committees to guide their boards and management at the institutional level, while NIFAC advises the Bank of Ghana at the national level. NIFAC’s mandate also extends beyond banking: the Council will provide advisory support to the Securities and Exchange Commission and the National Insurance Commission as the non-interest finance ecosystem evolves, until those regulators establish their own advisory councils.
Asiama was careful to define the limits of NIFAC’s authority. “NIFAC’s role is advisory,” stating that the quality and consistency of its advice will influence the credibility of the sector. At the same time, its work will not displace the supervisory, enforcement or regulatory authority of the Bank of Ghana or the respective sector regulators. Addressing Council members directly, Asiama said their appointment “reflects the confidence placed in your competence, integrity and professional standing,” noting that collectively they bring expertise across banking, finance, governance, accounting, law, economics and non-interest financial principles.
That range of knowledge matters, he said, because “the questions that will come before you will not always have simple answers. You will be required to assess new products, interpret principles in changing market conditions and balance innovation with consumer protection and financial stability.” He urged members to approach their mandate “with independence, objectivity, professionalism and diligence,” adding that their duty is “to the integrity of the framework, the soundness of the financial system and the public interest.” He set a clear benchmark for what the Council should accept. “Products should not be accepted merely because they carry a non-interest label,” he said.
“Their structure, risks, costs and obligations must be transparent and capable of being understood by customers.” The initiative’s success, he added, “will not be measured by the number of new products introduced, but by whether those products are sound, useful and worthy of public confidence.” Asiama congratulated Council members “on accepting this important national responsibility” and formally declared NIFAC inaugurated, “pursuant to the Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana.” He closed with a charge to members: “May your deliberations be guided by wisdom, sound judgment and an unwavering commitment to the public interest.”
By: Joyce Owusu
