Non-interest banking not religious system – BoG
The Bank of Ghana (BoG) has engaged Christian religious leaders and groups as part of efforts to introduce a non-interest banking and finance model aimed at promoting financial inclusion and broadening access to financial services.
The engagement, held in Accra yesterday, was also intended to address concerns and answer questions about the initiative, particularly those raised by sections of the Christian community.
Dubbed “Meeting with the Clergy on Non-Interest Banking and Finance,” the meeting brought together representatives of various Christian and ecumenical bodies to discuss the proposed framework and its implications for Ghana’s financial sector.
Addressing the gathering, the Governor of the BoG, Dr Johnson Pandit Asiama, said the central bank was not introducing a religious system into Ghana’s banking sector but was creating a regulatory framework for a financial model already recognised by law.
“We know that non-interest banking and finance has generated genuine concern within sections of the Christian community. We are here to listen, answer your questions directly and understand what more the Bank must do to carry the public along,” he said.
Dr Asiama explained that Parliament had already recognised non-interest banking services as a permissible banking activity under Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
He stressed that the BoG was neither a regulator of religion nor supporting one faith over another.
“Our role is simply to provide the regulatory and supervisory framework within which licensed institutions may offer this inclusive and non-discriminatory model of commercial banking as a complement to conventional banking, and not a replacement of it,” he stated.
The Governor said the Bank had, over the past year, consulted widely with Christian and Islamic leaders, including the Christian Council of Ghana, Ghana Pentecostal and Charismatic Council, Ghana Catholic Bishops’ Conference and the National Association of Charismatic and Christian Churches.
He said the consultations had helped shape the final framework and strengthened the Bank’s commitment to public education on the initiative.
The Presidential Envoy for Interfaith and Ecumenical Relations, Mr Elvis Afriyie Ankrah, commended the BoG for creating a platform for dialogue with Christian leaders.
He said differences in understanding could create unnecessary anxiety, stressing that dialogue remained the best way to address misconceptions.
“Where there is insufficient information, misconceptions can easily arise. Where there is no dialogue, assumptions often take the place of facts,” he said.
Mr Afriyie Ankrah urged participants to engage openly and respectfully, saying the ultimate objective should be to strengthen trust between public institutions and faith communities while contributing to Ghana’s peace, stability and development.
He expressed confidence that the engagement would lead to a better understanding of the framework and help address concerns within the Christian community.
BY KINGSLEY ASARE
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