Governor of the Bank of Ghana Dr. Johnson Asiama has assured stakeholders within the ecumenical community of its commitment to ensure proper regulation and transparency within the Non-interest Banking financial sector.
At an engagement with the clergy Dr. Asiama clarified that the banks move to regulate the sector is not to create a new religion but 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 for it.
The Bank of Ghana (BoG) on August 18, inaugurated a five-member Non-Interest Financial Advisory Council (NIFAC) as it moves from developing a regulatory framework to implementing non-interest banking as a new segment of Ghana’s financial sector.
Since the development of the framework some sections of the interfaith community and financial sector have raised concerns about what the new banking system means. It is on the back of this that the Bank of Ghana held an engagement with the clergy.
Governor of the Bank of Ghana Dr. Johnson Asiama addressing the clergy said the engagement was to clarify concerns and better explain the new financial system to all stakeholders.
”Some have asked whether the Bank of Ghana is introducing a religion into Ghana’s banking system or supporting one faith over another. These are
important questions, and the public is entitled to clarity. The Bank is not a
regulator of religion, nor is it introducing a new religious category. Parliament 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. Our role is 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, not a replacement for it,” he explained.
According to the central bank governor, non-interest banking if well-structured and implemented in Ghana will further promote economic growth and the financial sector.
”The Bank of Ghana remains committed to transparency, sound governance, consumer protection and regulatory integrity. Properly implemented, Non-
Interest Banking and Finance can complement conventional banking, broaden access, mobilise productive investment and contribute to Ghana’s socio-economic development through a more inclusive, non-discriminatory,
innovative and responsive financial system,” he said.
Presidential Envoy for Interfaith and Ecumenical Relations Elvis Afriyie Ankrah in address welcomed the move by the Bank of Ghana to engage the clergy.
Non-Interest banking has the potential to deepen financial inclusion by providing Ghanaians with alternative financial products that align with different needs and values, while maintaining financial stability.
By: Derrick Adotey | Metrotvonline.com | Ghana
