The engagement with the clergy formed an integral part of broader stakeholder engage­ment series as the BoG worked towards establishing the insti­tutional, legal, and regulatory framework required for the oper­ationalisation of NIBF in Ghana.

Speaking at the programme last Friday, the Governor of BoG, Dr Johnson Pandit Asia­ma, said, “The Bank considers stakeholder engagement with the clergy as an important corner­stone for the effective rollout of NIBF governance that will reflect the interest and sensitivity of Ghanaians represented by the clergy.”

He noted that the clergy, who had long supported financial education initiatives, were vital stakeholders in shaping the future of ethical banking in the country.

“Feedback from this engage­ment will be valuable to achieve inclusiveness and collective ownership. As a critical regula­tor, our paramount interest is the business case and inherent benefits of NIBF to the econ­omy and particularly to achieve financial inclusion with product diversification and choice,” Dr Asiama said.

Dr Asiama explained that NIBF operated without the use of interest in any financial trans­action.

Instead, Dr Asiama said it was anchored on principles such as partnership, profit-and-loss sharing, and ethical investing.

“This model has gained con­siderable global traction, with a total balance sheet size exceeding $5.5 trillion as of end-Decem­ber 2025, with high impact on sovereign and corporate project finance with impactful microfi­nance sector,” he said.

The Governor said countries such as Nigeria, Kenya, Uganda, Tanzania, and South Africa had taken progressive steps in devel­oping the NIBF ecosystem.

The BoG Governor empha­sised that the foundational values of NIBF such as fairness, equity, risk-sharing, and accountability, transcended religion and culture, offering a credible alternative to conventional interest-based banking systems.

He said NIBF discouraged speculation and required that all transactions be backed by tangi­ble assets or services.

Also, it restricted funding to ethical sectors and prohibits investments in industries such as alcohol, gambling, adult enter­tainment, and weapons manu­facturing.

“Its core values challenge financial institutions to go be­yond profit maximisation and to act as responsible stewards of social well-being,” Dr Asiama said.

The Governor said a UN report which estimated that the country would require about $37.9 billion annually to meet its infrastructure financing needs and to achieve the Sustainable Development Goals (SDGs).

In this regard, Dr Asiama pointed to Sukuk Bond, a key NIBF instrument as a viable alternative for financing.

He cited South Africa’s successful sovereign Sukuk issuances and Nigeria’s $2.37 billion mobilisation since 2017, which had financed major road and bridge projects.

“As Ghana charts its path towards inclusive and sustain­able economic transformation, the role of NIBF cannot be overstated,” Dr Asiama stated.

He called for a stronger collaboration from the clergy in demystifying and supporting NIBF to flourish in the coun­try’s financial landscape.