BoG dismisses claims religious bodies will regulate Non-Interest Banking

The Bank of Ghana (BoG) has dismissed concerns that Ghana’s Non-Interest Banking framework gives religious bodies a role in regulating the country’s financial sector.

The clarification follows the establishment of the five-member Non-Interest Financial Advisory Council (NIFAC), which was inaugurated on August 18, 2026, to advise the BoG on the regulation and supervision of non-interest banking institutions.“No person may carry on non-interest banking business without a Bank of Ghana licence,” he said.