The Bank of Ghana (BoG) has inaugurated the Non-Interest Financial Advisory Council (NIFAC) to support the orderly development, regulation and supervision of non-interest banking and finance in Ghana.
The Council is expected to advise the central bank on the governance, regulation and supervision of Non-Interest Banking Institutions while contributing to the development of a sound, inclusive and credible non-interest finance ecosystem.
The inauguration took place on Tuesday, August 18, 2026, at the Bank Square, with Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, stressing the need for strong governance, consumer protection and public confidence to support the growth of the sector.
According to the Governor, the development of non-interest financial services must go beyond introducing new products to ensuring that such products are safe, useful and capable of earning the confidence of the public.
“The success of this initiative will not be measured by the number of new products introduced, but by whether those products are sound, useful, and worthy of public confidence.”
Dr Asiama said public trust would be critical to the long-term sustainability of non-interest banking and finance in Ghana, making effective regulation and supervision essential as the sector expands.
He charged members of the newly inaugurated Council to approach their responsibilities with independence, objectivity, professionalism and diligence.
The Governor said the Council’s work must be guided by the need to protect the integrity of Ghana’s financial framework, safeguard the soundness of the financial system and promote the public interest.
The establishment of NIFAC forms part of efforts by the Bank of Ghana to provide an appropriate regulatory and advisory framework for non-interest financial services in the country.
The Council is expected to provide technical and strategic advice to the central bank as Ghana develops its non-interest finance ecosystem, while ensuring that institutions operating within the space adhere to sound governance and regulatory standards.
The Bank of Ghana believes a well-regulated non-interest finance sector can contribute to financial inclusion by providing alternative financial products and services that meet the needs of a wider section of the population.
With the inauguration of NIFAC, the Council is expected to play a key role in shaping the development of the sector and ensuring that its growth is anchored in sound regulation, responsible innovation and public confidence.
Ghana|Atinkaonline.com|Mavis Fantevi