The Bank of Ghana has announced plans to establish a comprehensive framework to support non-interest banking and finance (NIBF) by the end of 2025, subject to prevailing conditions.
This initiative follows a series of consultations with key stakeholders to shape the future of this financial model in Ghana.
Professor John Gatsi, an advisor to the central bank, is leading a team currently engaged in studies and knowledge-sharing visits.
One such visit was to Nigeria, a country that has made significant strides in implementing non-interest banking systems.
Speaking at a recent workshop, Professor Gatsi said the framework is on track to be finalised by the end of 2025, and that the process includes broad consultations and collaboration with various institutions.
We are on course to finalise a framework that supports the rollout of non-interest banking in Ghana by the end of 2025, he stated.
Delivering a message on behalf of the Governor of the Bank of Ghana, Dr Johnson Asiama, the Head of Banking Supervision, Ismail Adam, highlighted the potential benefits of non-interest finance.
He noted that this system could expand the financial sector and introduce new sources of funding.
Adam also emphasised the sector’s remarkable global growth, explaining that what began as a niche in the 1970s had grown significantly.
By 2024, the non-interest financial sector had surpassed US$ 5 trillion in global assets, an increase of 12% from 2023 and 43% from 2020.
He added that the adoption of NIBF in Ghana could play a crucial role in enhancing financial inclusion and promoting long-term economic stability.
DR/MA
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