A civil society group, Advocates for Christ Ghana, has called on the Bank of Ghana (BoG) to suspend its planned normalization of non-interest banking, although its stance is premised on religious intolerance and exhibition of lack of adequate understanding of the financial system that is about to be introduced in Ghana.
A closer examination of the concerns raised by the group reveals apparent misrepresentation of facts and a hint of intolerant religious sentiment.
The Bank of Ghana, after publishing the ‘Exposure Draft Framework’ of the Non-Interest Banking, provided a platform for comments to be sent but Advocate for Christ Ghana chose to misrepresent the issue through the media, meaning they have no interest in contributing to the central bank’s formal efforts. They rather kept exposing their religiously motivated opposition to the participatory and inclusive financial system begun in July 2025 when they met with BoG,
Their criticism of the proposed framework as lacking a “tested, context-specific non-interest banking model” overlooks the fact that non-interest banking is a well-established global practice, with many countries successfully implementing tailored models.
The group’s emphasis on constitutional neutrality and equal treatment before the law is commendable, but their interpretation raises questions. Non-interest banking, by its nature, operates differently from conventional banking. The BoG’s proposed framework aims to regulate and supervise these differences, not create a parallel system.
Already, the framework made a provision for the governance system of the Non-Interest Banking and Finance which will be regulated by the Bank of Ghana and the Securities and Exchange Commission through the Non-Interest Finance Advisory Committee or Council (NIFAC) and Non-Interest Banking Advisory Committee or Council (NIBAC).
Simply put, NIBAC and NIFAC are key components of Ghana’s Non-Interest Banking and Finance framework:
NIBAC: Provides guidance and oversight on non-interest banking operations, ensuring compliance with fair principles and regulatory requirements.
NIFAC: Offers expertise and advice on non-interest finance products and services, promoting innovation and industry growth.
Their functions include:
Regulatory compliance: Ensuring adherence to fair principles and regulatory frameworks;
Industry guidance: Providing expertise and advice on non-interest banking and finance;
Risk management: Identifying and mitigating risks associated with non-interest banking and finance; and
Product development: Supporting innovation and development of new products and services.
These committees play a crucial role in promoting Ghana’s non-interest banking and finance sector.
Notably, the group’s name, “Advocates for Christ Ghana,” raises questions about potential religious bias. Non-interest banking is often associated with Islamic finance, but the group’s statement claims their position is grounded in regulatory integrity, not ideological opposition.
While Advocates for Christ Ghana raises some concerns, although unsubstantial, their critique appears to be a mix of valid regulatory concerns and potential misrepresentation of facts, with a hint of religious sentiment.
A more nuanced and collaborative approach, engaging with the BoG and other stakeholders, would be more productive in shaping a robust and inclusive non-interest banking framework for Ghana.
By Adnan Adams Mohammed
Adnan Adams Mohammed, an award-winning financial journalist, is with Economy Times
