The Bank of Ghana says it has received three licence applications from institutions seeking to operate non-interest banks, with all three currently undergoing regulatory review.
The development signals growing interest in the financial model as the central bank works to expand Ghana’s financial services landscape through a regulatory framework designed to support non-interest banking.
Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, disclosed this in remarks delivered on his behalf by Prof. John Gatsi at the 5th IFRIG International Conference in Accra on November 7, 2026.
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He said the Bank had invested time in developing a comprehensive regulatory framework, drawing lessons from both secular and non-secular jurisdictions and consulting key stakeholders.
“As a result of a sound regulatory framework, the Bank has received three licence applications, which are currently under rigorous review and consideration,” he said.
The Governor explained that the framework provides for key regulatory areas, including prudential requirements, consumer protection, liquidity management, tax neutrality and governance standards.
He said these provisions are intended to provide regulatory clarity and ensure that non-interest banking develops within a sound supervisory environment.
Dr. Asiama noted that some countries had introduced non-interest banking without comprehensive regulations, but Ghana has taken a more deliberate approach to establishing the necessary safeguards before the sector expands.
“While some countries started non-interest banking operations without a concrete regulation or with an inadequate regulatory framework, the Bank of Ghana has taken time to put a comprehensive regulation described by some of our peers as forward-looking with regulatory clarity,” he said.
He added that the growth of the sector would depend on robust regulation that supports real economic activities while complementing conventional banking products.
The Bank is also working with the National Insurance Commission and the Securities and Exchange Commission to expand the range of financial instruments and products available in the market.
According to the Governor, developing non-interest bonds and insurance products would help strengthen liquidity management and provide additional options within Ghana’s financial system.
He said the central bank remained committed to ensuring that the implementation of non-interest banking was guided by transparency, sound governance, consumer protection, financial stability and regulatory integrity.