BoG, Government urged to intensify public education on non-interest banking rollout

Economic experts, banking professionals and industry groups are calling on the Bank of Ghana (BoG) and government to step up public education efforts to ensure the successful rollout of non-interest banking in the country.

They warn that low awareness and widespread misconceptions—particularly at the early stages—pose significant risks to the adoption of the model, citing experiences from countries such as Nigeria, Malaysia and Indonesia.

The renewed calls come as Ghana gains institutional traction for non-interest banking, with at least one indigenous bank already applying for a licence and four others preparing to follow suit.

Dr Daniel Anim-Prempeh, Chief Economist at the Public Initiative for Economic Development (PIED), emphasised the need for coordinated action led by regulators and government to educate businesses on the structure and purpose of the system.

“The Central Bank must do a lot of education for businesses through their associations and chambers for them to appreciate the model,” he told the Ghana News Agency.

He stressed that education campaigns should also target borrowers, helping them understand that funds obtained under non-interest banking are meant strictly for business investment and expansion, not personal consumption.

According to him, the sustainability of the model depends on disciplined repayment, which allows capital to be recycled to support other enterprises.

“Without this discipline, the transformative potential of the model would be undermined before it could take root,” he cautioned.

Dr Issahaku Yakubu, Manager for Business and Commercial Banking at Stanbic Bank Ghana, also highlighted consumer behaviour and perception as major barriers to adoption.

He pointed to limited knowledge, misconceptions about the system’s religious dimensions, and concerns over Sharia compliance as key challenges, noting that some people mistakenly view non-interest banking as a tool for promoting Islam.

Dr Yakubu, however, referenced experiences in Europe where non-interest banking has been implemented without influencing religious conversion, stressing that such fears are unfounded.

He acknowledged that Ghana’s predominantly Christian population makes it important to carefully manage religious sensitivities through sustained public education.

He therefore urged authorities to organise structured roadshows and outreach programmes to shift public understanding towards the economic benefits of non-interest banking.

The Ghana Association of Banks has also identified public awareness as a critical factor for successful implementation, calling for targeted and sustained education campaigns.

The association recommended a collaborative approach involving government, financial institutions and Islamic scholars to address misconceptions and promote understanding of the system.

It further suggested the use of both traditional and digital media platforms to reach a wider audience, particularly in areas where accurate and accessible information is most needed.

Prince Antwi

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