The Bank of Ghana (BoG) has stepped up initiatives to attract both domestic and international expertise to drive the expansion of Ghana’s non-interest banking and finance sector.
Speaking on behalf of the Governor at a stakeholder meeting in Accra, the Acting Head of Banking Supervision at the BoG, Ismail Adam, explained that the central bank acknowledges the sector’s strong potential to promote financial inclusion and broaden the nation’s financial system.
He highlighted that non-interest banking has gained global recognition as an effective means of increasing access to finance, especially for underserved communities and small and medium-sized enterprises (SMEs).
Mr. Adam emphasized that Ghana could derive significant benefits if the right technical expertise and regulatory frameworks are properly implemented.
“We are dedicated to establishing a supportive regulatory environment that enables non-interest financial institutions to grow. This involves strengthening institutional capacity and leveraging both local and international expertise to advance the sector,” he stated.
He further noted that the BoG is actively engaging with industry stakeholders to continuously develop strong regulatory frameworks that encourage innovation while maintaining financial stability.
Meanwhile, the Director-General of the Securities and Exchange Commission (SEC), James Klutse Avedzi, also stressed the value of cooperation between regulators and market participants.
According to him, a properly regulated and well-equipped non-interest financial ecosystem would enhance investor confidence and further deepen Ghana’s capital markets.
“We are fully prepared to work alongside the central bank to ensure the successful implementation of non-interest banking and finance,” he added.
The stakeholder engagement brought together regulators, financial institutions, and industry players to review progress and explore strategies for unlocking greater opportunities in the evolving sector.