Ghana’s central bank has inaugurated the Non-Interest Financial Advisory Council (NIFAC), pledging to ensure an inclusive financial system that addresses the needs of all Ghanaians for enhanced quality of life.
Bank of Ghana Governor Johnson Asiama said during the inauguration on Tuesday that all persons, traders, families, and manufacturers seeking financial products consistent with their values should have options they understand and trust.
“Non-interest finance widens that choice. It is not free finance, but a complement to conventional banking, based on trade, leasing, partnerships, and asset-backed transactions. It is open to all, and can expand financial inclusion while protecting consumers and financial stability,” he said.
Since the publication of the guidelines for non-interest financing in January, the governor said there has been growing interest from financial institutions and the public, and the inauguration of the advisory council represents the next practical step toward supporting the orderly development of the sector.
“As institutions develop new products, questions of interpretation, compliance, and consistency will arise. Addressing them will require sound and independent judgment. That is why strong governance matters, and why NIFAC has been established,” the governor said.
He said NIFAC shall serve as the Bank of Ghana’s advisory council on the governance of non-interest banking and advise the Bank of Ghana on matters relating to the regulation and supervision of non-interest banking institutions in Ghana. Enditem
Source: Xinhua
