Businesses and individuals are set for a boost as government announces the launch of its first non-interest banking institution this year.

The launch of the said bank is expected to offer alternative financing for businesses and individuals.

Speaking at the final meeting of the 130th Monetary Policy Committee (MPC) in Accra on Wednesday,May 20, Governor of Bank of Ghana (BoG) Dr Asiama said the regulatory and supervisory framework for non-interest banking was at an advanced stage following the publication of detailed operational guidelines in January 2026.

“A lot has been done. Hopefully this year, we’ll see the first license. They are working very hard, putting in place the structures. The regulatory structures are very stringent, I can assure you this is best practice,” he said.

Dr Asiamah disclosed that one indigenous bank had formally applied for a non-interest banking licence, while four other financial institutions were preparing to submit applications to the central bank.

Addressing concerns of safety and transparency, Dr Asiamah explained that

Dr Asiama explained that the structure had been tailored in line with international standard to ensure the safe, transparent and efficient operation of the new banking model within Ghana’s financial system.

“I have no fears at all. The necessary structures are being put to ensure that non-interest banking thrives,” he stated.

He noted that the planned introduction of non-interest banking comes at a time when Ghana’s economy is showing signs of resilience despite persistent global economic uncertainties and external shocks.

Dr Asiama added that recent improvements in macroeconomic stability had created a favourable environment for the introduction of innovative financial products and services without undermining financial sector stability.

The Bank of Ghana (BoG) on 9 December released its Exposure Draft of the Guideline for the Regulation and Supervision of Non-Interest Banking Institutions (NIBI).

In the guidelines, the central bank announced a 60% convertible currency capital requirement for foreign banks under non-interest banking and deployed it strictly into Shariah-compliant financial instruments.

The announcement was made publicly on the BoG’s official website.

Parts of the guideline which are listed under the sub-topic, “Minimum Paid-Up Capital and Fees” in the 25-page document, read “In the case of foreign ownership of a NIBI, not less than 60% of the required capitalisation or contribution shall be brought into Ghana in convertible currency. The capital shall be invested in non-interest-bearing instruments,” while the central bank reiterated its authority to decide and announce, in an official notice, how much starting capital and what application fees Non-Interest Financial Institutions must have before they can operate.

“Pursuant to its regulatory authority, the Bank shall determine and specify, through official notice, the requisite minimum paid-up capital and application fees for all Non-Interest Financial Institutions,” BoG added.

Currently, Ghana has no operating non-interest bank. The first time an official proposal for the establishment of one was made was in 2017 by the then Governor of the Bank of Ghana, Dr Johnson Asiama. He announced that a proposal was being prepared for submission to Parliament to pave the way for implementation.