Professor John Gatsi, an advisor to the Monetary Policy Committee of the Bank of Ghana (BoG) and leader of the team developing non-interest banking and finance (NIBF) in Ghana, has underscored the importance of establishing a robust non-interest banking sector in the country.

Speaking at a capacity-building workshop on Monday, December 1, Professor Gatsi highlighted that the global financial landscape is evolving and that the demand for non-interest banking and finance is increasingly undeniable.

He praised the Bank of Ghana, Securities and Exchange Commission (SEC), and National Insurance Commission (NIC) for forming a joint regulatory committee to develop and harmonize guidelines for the emerging sector. The workshop, he noted, is crucial in equipping practitioners with the knowledge and skills required to avoid regulatory inconsistencies and ensure a smooth industry launch.

“The global financial landscape is evolving, and the demand for non-interest banking and finance is undeniable,” he said, noting the support Ghana has received from international regulators and institutions, including the Central Bank of Nigeria, Central Bank of Malaysia, the Bank of England, and leading non-interest banks in Nigeria, during the country’s preparation phase.

The Bank of Ghana has reaffirmed its commitment to creating a fully functional NIBF ecosystem, emphasizing that capacity building and regulatory harmonization are key pillars for the sector’s successful rollout.

Speaking on behalf of the BoG Governor, Dr. Johnson Asiama, the Head of the Banking Supervision Department, Ismail Adam, said the central bank has reached a critical stage in its preparations. This follows extensive stakeholder engagement, including consultations with both Christian and Muslim communities, to adopt a secular terminology that ensures national inclusiveness.

“We are happy to be participating in this capacity-building exercise to enable you to take advantage of the window for non-interest banking and financing,” he said, adding that the Bank of Ghana’s efforts represent the first significant regulatory investment aimed at commercializing the concept in Ghana.

The workshop marks a key milestone in Ghana’s journey toward establishing a non-interest banking and finance sector, which is expected to broaden financial access and diversify the country’s banking landscape.