The central bank has officially cracked open a new chapter in the domestic banking sector. The Bank of Ghana formally inaugurated the Non-Interest Financial Advisory Council in Accra, moving decisively to govern the rapidly evolving ecosystem of non-interest finance.
This step shifts the conversation from theoretical legal provisions to the actual supervision of alternative banking products designed for the Ghanaian market.
Speaking at the swearing in ceremony, the Governor of the Bank of Ghana, Dr Johnson Asiama, framed the council as a fundamental pillar in the ongoing push to build a highly inclusive financial system. He made it clear that introducing non-interest finance is meant to diversify the financial products available to everyday businesses and individuals rather than offering a charity window for borrowers.
"Non-interest finance widens that choice. It is not free finance, but a complement to conventional banking and is based on trade, on leasing, on partnerships, and on asset-backed transactions," he stated to the gathering of financial executives.
For the wider commercial environment, the introduction of trade and leasing partnerships means that small scale enterprises could soon bypass the punishing lending rates that have historically choked domestic manufacturing and commerce. By structuring financing around tangible economic assets rather than arbitrary debt yields, the central bank hopes to foster a much more resilient private sector.
Moving Beyond Paper Legislation
Establishing this framework required a lot more than simply citing existing laws. Dr Asiama pointed out that the legal architecture for these alternative services has actually existed for years under Section 18 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). That specific section gave local financial institutions the basic legal cover to explore alternative deposit taking activities.
Yet the Governor noted that putting ink on paper was only a starting point. "Legal provision alone, just providing for it in the Act, does not create a functioning market," Dr Asiama explained.
To bridge that gap, the central bank spent the entirety of last year operating a dedicated internal task force. The team was mandated to design the precise supervisory guardrails needed to make the sector operational. Their efforts materialized in January 2026 with the publication of the Guidelines for the Regulation and Supervision of Non-Interest Banking.
Under these newly published guidelines, existing commercial banks are legally permitted to roll out alternative services through specialized, ring fenced operational windows. The regulatory playbook also opens the door for new investors to acquire licenses to operate entirely independent non-interest banking institutions from the ground up. To maintain global best practices, the central bank will continuously lean on its active membership within the Islamic Financial Services Board to shape its prudential standards.
While the newly sworn in council will offer independent technical guidance to the central bank, its mandate will eventually stretch across the broader financial landscape.
The advisory body is expected to assist the Securities and Exchange Commission and the National Insurance Commission as alternative capital markets and insurance ecosystems deepen.
Dr Asiama was quick to issue a stern reminder that the advisory body will not usurp the statutory enforcement powers of the central bank or any other recognized state regulator.
The Charge to the Advisory Bench
The regulatory chief urged the council members to maintain absolute objectivity and exercise strict professional independence as they navigate the complexities of this untested market. Approving new products will demand rigorous scrutiny.
The Governor warned the members against automatically endorsing financial instruments merely because they carry the label of alternative products.
Instead, the council must meticulously interrogate the underlying risk structures, hidden costs, and contractual obligations embedded in every application to ensure customers are never misled by complex jargon.
"You will be required to assess new products. You have to interpret principles in changing market conditions and balance innovation with consumer protection and financial stability," Dr Asiama charged the team.
A Deliberately Diverse Technical Team
To execute this mandate, the central bank assembled a blend of domestic and international experts. Professor Bashir Aliou Uma takes the helm as the council chair. He brings extensive regulatory insight from his previous tenure as the Special Adviser for Non-Interest Banking to the Governor of the Central Bank of Nigeria.
He is joined by Dr Yusuf Adam Albani, a Ghanaian liquidity management specialist currently operating out of Malaysia. The bench also includes former corporate treasurer Dr George Bar-Darwa, Ministry of Finance Principal Economic Officer Adichetou Hamidou Nnabu, and chartered accountant Sandor Gadjo from the University of Education in Winneba.
Professor John Gatsi, who serves as the designated advisor to the Governor on these matters, revealed that the selection process was highly deliberate. He noted that the central bank prioritized cross border expertise, local market familiarity, and profound professional interest.
Crucially, Professor Gatsi emphasized that religious affiliation played absolutely no role in the vetting process. The recruitment focused strictly on technical banking pedigree and practical industry experience.
Bringing in Ghanaian professionals from major overseas financial hubs like Malaysia was a calculated move to inject global exposure into the domestic market while simultaneously building a robust local capacity for the future.
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