Professor John Gatsi, advisor to the Monetary Policy Committee of the Bank of Ghana and leader of the team developing non-interest banking and finance (NIBF) in Ghana, emphasized the urgent need for this sector in the country.
Speaking at a capacity-building workshop on Monday, December 1, Prof. Gatsi highlighted the evolving global financial landscape and the clear rise in demand for non-interest financial services. He commended the Bank of Ghana, Securities and Exchange Commission, and National Insurance Commission for creating a joint regulatory committee to develop and harmonize guidelines for the emerging NIBF sector.
Describing the workshop as vital for equipping industry practitioners to avoid regulatory conflicts, Prof. Gatsi stressed that Ghana’s efforts have been supported by international regulators such as the Central Banks of Nigeria and Malaysia, the Bank of England, and leading non-interest banks in Nigeria.
The Bank of Ghana reaffirmed its commitment to building a fully operational non-interest banking ecosystem. Ismail Adam, Head of Banking Supervision, speaking on behalf of the Governor Dr. Johnson Asiama emphasized that regulatory harmonization and capacity building are key to a successful rollout. He also noted the importance of adopting inclusive, secular terminology following consultations with various religious communities in Ghana.
“This capacity-building exercise paves the way for stakeholders to seize the opportunity presented by non-interest banking and finance,” Adam said, marking the initiative as a pioneering regulatory milestone for Ghana.
Story by: Mercy Addai Turkson #ahotoronline.com