Residents of the Bono Region have welcomed the Bank of Ghana’s proposal to establish non-interest banking in the country, describing it as a progressive step that could attract new investors and expand financing options for businesses and farmers.
The issue was discussed on Thursday morning during a radio programme on Radio West Africa in Wenchi, where several callers expressed support for the initiative. Contributors to the discussion said non-interest banking would provide an alternative source of funding, particularly for the business community and people who may be excluded from conventional banking due to interest-based systems.
Many callers noted that the move could help deepen financial inclusion, especially among small-scale farmers and traders who struggle to access affordable credit.
A lecturer at the University of Ghana, Dr George Domfe, also praised the government and the Bank of Ghana for the initiative, describing it as timely and forward-looking. However, he urged the central bank to intensify stakeholder engagement and public education ahead of its implementation.
Dr Domfe stressed that many Ghanaians still lack a clear understanding of how non-interest banking works and called for deliberate efforts to explain its principles, benefits, and operational framework to the public. He further emphasized the need for proper structures to ensure the long-term sustainability of the system.
The Bank of Ghana has clarified that non-interest banking will be open to all citizens, regardless of religious background. According to the central bank, the policy is aimed at broadening access to financial services, attracting diverse forms of investment, and strengthening Ghana’s financial sector through greater diversification.
The proposed introduction of non-interest banking forms part of wider efforts by the Bank of Ghana to modernize the financial system and respond to the evolving needs of the economy.