Adnan Adams Mohammed
All things being equal, the Bank of Ghana has projected to make ready an operational framework for the introduction of a Non-interest banking and finance system in Ghana as it has began a broader consultation.
A team of expert from the Bank of Ghana under the leadership of Professor John Gatsi, Advisor to the Bank of Ghana has started with its jurisdictional exploratory and learning engagement as they already visited Nigeria where the NIBF system is vibrantly operating.
As part of the stakeholders engagement, the central bank in collaboration with Ghana Journalist Association, organised a two-day workshop for selected journalists in Koforidua over the weekend to highlight and deepen the knowledge-gap understanding needed to guide their reportage.
“Per our roadmap for the broader consultation of stakeholders and inter-agency collaboration, we anticipate to make ready a framework for the operationalisation of Non-interest banking and finance in Ghana before end of 2025”, Prof Gatsi disclosed to the participants.
Meanwhile, the Governor of Bank of Ghana, Dr Johnson Asiama, in his opening remarks read on his behalf by Mr Ismail Adam, Head of Banking Supervision said, “non-interest finance remains a largely untapped banking and financial opportunity in Ghana.
“In light of the structural constraints facing our economy—ranging from high graduate unemployment, sluggish GDP growth, significant infrastructure gaps, and limited fiscal space—NIBF presents a valuable opportunity to diversify both our financial system and sources of funding.
“What began as a niche complement to conventional finance in the 1970s has evolved into a significant pillar of the global financial system. As of 2024, the NIBF industry surpassed a major milestone, with global assets exceeding USD 5 trillion—representing a 12% increase over 2023 and a 43% growth since 2020”, he noted while listing the numerous benefits of NIBF to economies.
