The Bank of Ghana (BoG) has today, January 13, 2026, officially issued operational guidelines for the implementation of Non-Interest Banking in Ghana, a major policy move expected to reshape the country’s financial sector.
According to the Central Bank, the new framework will deepen financial inclusion, promote ethical finance, and integrate Ghana’s banking system into the growing global non-interest finance industry.
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Strong Investor Interest
The publication of the guidelines has already sparked significant interest among both existing banks and new investors preparing to apply for licences. Industry sources indicate that at least five conventional banks are expected to apply for non-interest banking “windows” by the end of January, while several large investors are positioning to establish full-fledged non-interest banks.
The initiative is widely regarded as a groundbreaking reform and is being credited to the leadership of the Governor of the Bank of Ghana, Dr. Johnson Asiama, with strategic input from his Advisor on Non-Interest Banking and Finance, Professor John Gatsi.
Clear Roadmap for Operators
The updated guideline follows an earlier exposure draft and provides a clear regulatory and operational roadmap for non-interest banking institutions. It ensures that operators function within established prudential standards while aligning with globally accepted non-interest banking principles.
Under the framework, the BoG has introduced a dual application structure. Existing conventional banks may apply to operate non-interest banking through dedicated windows, while new investors may apply for licences to establish standalone non-interest banks.
Key Highlights of the Guidelines
The Guideline for the Regulation and Supervision of Non-Interest Banking Institutions outlines several critical requirements:
Strong Corporate Governance
Licensed non-interest banking institutions must establish a Non-Interest Banking Advisory Committee (NIBAC) with at least three qualified members. The committee will be responsible for ensuring compliance with non-interest banking principles and managing related risks.
Strict Operational Separation
Banks offering non-interest products through windows must maintain strict operational and financial separation from their conventional banking activities. This includes the creation of a dedicated Non-Interest Finance Fund (NIFF) that must not be mixed with interest-based funds.
Capital and Liquidity Rules
Capital requirements for non-interest banking institutions will align with existing Bank of Ghana standards. However, such institutions are prohibited from investing in interest-bearing instruments and must hold reserves and liquid assets in non-interest-compliant instruments.
Tax Neutrality Considerations
The guidelines acknowledge the importance of tax neutrality. A joint technical team coordinated by the Ghana Revenue Authority (GRA) is expected to address tax treatment issues related to non-interest banking products.
Open and Voluntary Participation
The Bank of Ghana has emphasized that non-interest banking is open to all, regardless of religious affiliation, and participation in non-interest products is entirely voluntary.
Sukuk and Infrastructure Financing on the Horizon
Beyond traditional banking services, non-interest banking is expected to unlock new financing options for Ghana’s economy. The Securities and Exchange Commission (SEC), in collaboration with the Bank of Ghana, is working on a harmonized framework for non-interest capital market instruments.
This development is expected to pave the way for the future issuance of Sukuk—non-interest bonds that could provide ethical and alternative financing for large-scale infrastructure projects across the country.
As Ghana takes this significant step, non-interest banking is positioned to strengthen financial inclusion, enhance ethical finance, and support real-sector growth, further diversifying the country’s financial ecosystem
