The Bank of Ghana (BoG) has begun formal consultations with Islamic groups as part of efforts to introduce non-interest banking and finance in the country.

On Wednesday, Governor Dr. Johnson Asiama and a high-level team from the Bank met with representatives of various Islamic organisations, led by the Office of the National Chief Imam, at the Bank Square in Accra.

Dr. Asiama explained that non-interest banking would play a critical role in expanding financial inclusion by providing alternative financial products that cater to diverse communities.

“Non-interest banking will expand financial inclusion and create opportunities for all Ghanaians,” he stated.

Speaking on behalf of the National Chief Imam, Sheikh Armiyawo Shaibu welcomed the initiative, stressing that the model should be understood primarily as a business and economic opportunity, not just a religious concern.

“Non-interest banking should be seen more as a business case than a religious issue.

It has the potential to serve both faith-based communities and the broader economy,” he said.

The consultations mark a significant step in Ghana’s financial sector reforms, aimed at diversifying financial services and fostering inclusive growth.