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.
Speaking at the inauguration ceremony held on Tuesday, August 18, 2026, at the Bank Square, Governor of the Bank of Ghana, Johnson Pandit Asiama, underscored the importance of strong governance, consumer protection and public confidence in the growth of the sector.
He said the success of the initiative would depend not simply on the introduction of new financial products, but on the extent to which such products were 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,” the Governor stated.
Mr Asiama charged members of NIFAC to discharge their mandate with independence, objectivity, professionalism and diligence.
He said the Council’s work must be guided by the need to protect the integrity of Ghana’s financial framework, strengthen 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 institutional framework for the development of non-interest finance and ensure that institutions operating within the sector are effectively governed and supervised.
The Council is expected to play a key advisory role as Ghana seeks to deepen financial inclusion and provide credible alternatives within the country’s financial services landscape.
