The Bank of Ghana has taken a significant step towards introducing Non-Interest Banking and Finance (NIBF) in the country by engaging with leaders of the clergy. The high-level meeting, held on July 25, 2025, aimed to discuss the Bank’s plans and potential benefits of NIBF in promoting fairness, inclusion, and ethical finance.
Professor John Gatsi, Advisor at the Bank of Ghana, delivered a presentation highlighting the potential of NIBF to enhance financial inclusion and promote long-term economic stability. The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, emphasized the significance of the initiative, stating that NIBF offers a credible path to financing Ghana’s inclusive development.
The Bank of Ghana plans to establish a comprehensive framework to support NIBF by the end of 2025, subject to prevailing conditions. This move is expected to expand the financial sector, introduce new sources of funding, and promote economic growth and development.
The clergy’s role in fostering financial education and guiding national understanding of the interest-free model is seen as crucial in the successful implementation of NIBF. The Bank of Ghana believes that collaboration, education, and shared commitment are essential in driving this initiative forward.
Ruth Abla ADJORLOLO
