In a major step toward expanding financial inclusion and diversifying the financial sector, the Bank of Ghana has officially inaugurated the Non-Interest Financial Advisory Council (NIFAC).
The Council is mandated to support the orderly development, regulation, and supervision of non-interest banking and finance across the country.
NIFAC will provide strategic guidance to the central bank on governance and supervisory frameworks, ensuring the creation of a sound, inclusive, and credible non-interest finance ecosystem.
Speaking at the inauguration ceremony held at the Bank Square on Tuesday, 18 August 2026, the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, highlighted that the growth of the sector relies heavily on robust governance, consumer protection, and maintaining public confidence.
“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,” Governor Asiama stated.
The Governor further charged the newly appointed members of NIFAC to approach their duties with strict independence, objectivity, professionalism, and diligence.
He emphasized that their work must always safeguard the integrity of Ghana's financial framework, ensure the overall soundness of the banking system, and serve the ultimate public interest.
The introduction of non-interest banking is expected to open up new alternative financing avenues for businesses and individuals, deeper financial integration, and a more robust regulatory framework for specialized financial institutions in Ghana.
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