As Ghana’s non-interest banking sector moves from regulation to active market entry, economists, banking professionals, and industry bodies are raising alarms that limited public understanding and deep-seated religious misconceptions could undermine adoption before the model takes hold.
At least one indigenous institution has already applied for a non-interest banking licence, with several others preparing to submit applications following the Bank of Ghana’s (BoG) release of operational guidelines in January 2026. Yet experts warn that the regulatory groundwork, while necessary, is not sufficient on its own.
Dr Daniel Anim-Prempeh, Chief Economist at the Public Initiative for Economic Development (PIED), is calling for coordinated public education led by the central bank and government agencies. He said the Bank of Ghana (BoG) must work through business associations and chambers of commerce to ensure stakeholders fully grasp what non-interest banking offers and how it operates.
He emphasised that education campaigns must clarify a fundamental principle of the model: that financing is intended strictly for productive business investment and capital expansion, not personal consumption. Sustained borrower discipline in repaying funds, he argued, is what allows capital to cycle back into the system and support other enterprises. Without that discipline, he cautioned, the model’s transformative potential could be weakened before it gains meaningful traction.
Dr Issahaku Yakubu, Manager for Business and Commercial Banking at Stanbic Bank Ghana, pointed to public perception as one of the most persistent barriers. He said limited awareness, combined with the widespread misconception that non-interest banking is a vehicle for promoting Islam, continues to deter potential users.
The central bank’s own advisor, Professor John Gartchie Gatsi, has previously sought to demystify the model, describing non-interest banking as an avenue to raise alternative development financing, particularly for small and medium-sized enterprises, without the burden of interest payments, and stressing that the model is not a religious instrument.
Dr Yakubu echoed that position, pointing to countries in Europe where non-interest banking has been available without influencing religious conversion. He acknowledged, however, that given Ghana’s predominantly Christian population, managing religious sensitivities through consistent and targeted communication would be essential.
Ghana’s framework is designed to be accessible regardless of faith, drawing on established models in markets such as the United States, the United Kingdom, and Malaysia.
To accelerate acceptance, Dr Yakubu called for structured nationwide consumer education campaigns, including roadshows, to highlight the commercial and economic benefits of non-interest banking for businesses and individuals alike.
The Ghana Association of Banks has also identified public awareness as a critical factor. It is advocating a collaborative approach involving government, financial institutions, and Islamic scholars to address misconceptions, and recommending the use of both traditional and digital media to reach wider audiences, particularly in areas where misinformation remains entrenched.
With more than 42 percent of Ghanaians estimated to be unbanked, analysts say non-interest products could improve financial inclusion by aligning with religious and ethical preferences where conventional banking has failed to build trust.
Experts across the sector broadly agree that the opportunity is real, but insist that without deliberate and sustained public education, the full potential of the model may remain unrealised.
