The Bank of Ghana (BoG) has officially inaugurated the Non-Interest Financial Advisory Council (NIFAC) as part of efforts to promote the development of non-interest banking products and strengthen Ghana’s financial services sector.
The new council will provide expert guidance to the central bank on the regulation and supervision of non-interest banking institutions, while supporting the creation of a strong, sustainable and well-regulated non-interest finance ecosystem in Ghana.
NIFAC to Support Non-Interest Banking Development
The establishment of the Non-Interest Financial Advisory Council is expected to play an important role in shaping Ghana’s emerging non-interest banking industry.
The council will advise the Bank of Ghana on regulatory and supervisory matters and contribute expert knowledge to ensure that non-interest financial institutions operate within a sound and sustainable framework.
The initiative could also support the expansion of financial inclusion in Ghana by creating additional banking and financial service options for customers.
Members of the Non-Interest Financial Advisory Council
The council is chaired by Prof. Bashir Aliyu Umar.
Other members include:
- Dr Yussuf Adany Al-Badani
- Dr George Baah-Danquah
- Adishetu Hamidu Naabo
- Samuel Gameli Gadzo
Their expertise is expected to support the Bank of Ghana in developing appropriate policies and regulatory measures for the non-interest banking sector.
Bank of Ghana Governor Highlights Importance of Council
Speaking at the inauguration, Bank of Ghana Governor Dr Johnson Asiama said the formation of the council represents an important step toward strengthening Ghana’s governance and supervisory framework for non-interest banking.
The move is expected to help create a more structured regulatory environment as Ghana continues to explore opportunities within non-interest finance and Islamic banking.
Boost for Ghana’s Financial Sector
The inauguration of NIFAC forms part of broader efforts to improve Ghana’s financial sector and encourage the development of innovative financial products.
With expert oversight and appropriate regulation, the non-interest banking sector in Ghana could provide new opportunities for businesses, individuals and financial institutions while contributing to a more diversified banking industry.
The Bank of Ghana is expected to work closely with the council to support the development of a stable, transparent and sustainable non-interest financial system in the country.
Source: newsthemegh.com