The Managing Director of the Agricultural Development Bank (ADB) PLC, Edward Ato Sarpong, has expressed support for the Bank of Ghana’s (BOG) non-interest banking and finance initiative, describing it as a transformative model that can empower businesses and stimulate Ghana’s economic growth.
Mr. Sarpong noted that non-interest banking and finance offers more than a faith-based alternative to conventional banking. In his view, it is a business proposition that expands access to credit, unlocks new opportunities for enterprises, and strengthens the resilience of the economy.
“Non-interest financing is about creating choices and ensuring inclusion,” he said.
“It gives small and medium enterprises, the real drivers of our economy, the flexibility to grow without being constrained by traditional lending structures. This is how we create sustainable growth and open new doors for entrepreneurs,” Mr. Sarpong added.
The ADB MD explained that non-interest products would not only provide businesses with alternative channels to raise capital but also offer individuals, especially those excluded from mainstream banking, a genuine pathway into the financial system.
He stressed that ADB is prepared to play a leading role in the roll-out of non-interest banking and financial services, leveraging its7 strong base in Retail Banking, MSME & Commercial Banking, Agribusiness, as well as its unwavering commitment to inclusive growth and development.
“As a Bank mandated to support national development, we are determined to lead with solutions that meet the diverse needs of Ghanaians. Non-interest banking and finance is one of the innovative tools that will help us deliver on this mandate,” Mr. Sarpong assured.
He reaffirmed ADB’s resolve to continually innovate under its new “Beyond Banking…”u corporate positioning, noting that the Bank will remain focused on solutions that not only deliver financial services but also build prosperity across communities.
The Bank of Ghana is engaging stakeholders towards putting in place a regulatory framework for the operationalization of non-interest banking and finance in Ghana. It is a key initiative aimed at expanding financial inclusion and creating more opportunities for wealth creation.
A business model with huge potential to serve both faith-based communities and the broader economy.
