The Association of Chartered Certified Accountants (ACCA) is calling for stronger reporting, governance and assurance systems as Ghana prepares to roll out non-interest banking in 2026. 

The professional body says the credibility of the new banking model will depend heavily on how transparent institutions are in explaining their operations to the public.

Speaking at the ACCA Business Leaders’ Forum on Sustainability and Non-interest Banking in Accra, ACCA Africa Director Jamil Ampomah said market confidence will be the decisive factor in determining the future of the sector. He stressed that investors and depositors will only participate meaningfully when disclosures are accurate and consistent. “Non-interest banking can only grow when reporting is reliable and trusted,” Mr Ampomah said.

He explained that ACCA intends to support the market by helping institutions build the requisite expertise in reporting, assurance and governance as the country transitions into a new regulatory framework. The Bank of Ghana plans to activate the framework next year, allowing existing banks to introduce non-interest windows and licensing fully fledged non-interest banks. The central bank expects the model to boost financial inclusion, introduce new product lines and expand asset-based financing.

Advisor to the Governor of the Bank of Ghana, Professor John Gatsi, said the regulatory framework has been completed and is awaiting final approval. He cautioned that banks would need to strengthen their internal structures before entering the non-interest space. “The sector requires people who understand the products, the risks, and the underlying governance,” he said. He noted that institutions will be required to train staff in risk, compliance, treasury and internal audit to ensure readiness before rollout.

Mr Ampomah warned that weak reporting systems could slow down the development of the industry. Citing global examples such as Malaysia and Pakistan, he said Islamic finance has deepened in those markets largely because of rigorous disclosure and assurance practices. He argued that Ghana must adopt similar standards if it hopes to build credibility quickly. He added that the accounting profession will need to assist banks in developing clear disclosure frameworks for asset-backed transactions, profit-sharing structures and risk-management mechanisms. “The governance and the reporting are what will give confidence to the market,” he said.

Professor Gatsi said the Bank of Ghana intends to align the new rules with its Sustainable Banking Principles to ensure institutions incorporate environmental and governance considerations into their operations. He explained that this integration will help build resilience and position the sector to support productive segments of the economy, including agriculture, manufacturing and infrastructure.

The transition is expected to stimulate job creation across the financial sector. Professor Gatsi said banks will require expertise in product development, compliance, structuring and Sharia governance. The central bank is working with professional bodies and academic institutions to embed non-interest banking concepts into training programmes to meet this demand.

Mr Ampomah encouraged banks to move early, saying first adopters will gain competitive advantage as demand increases for ethical and transparent financial solutions. He urged institutions to see the shift as part of a wider transition toward responsible finance rather than simply a new product category.

ACCA, founded in 1904, is a global professional accountancy body with more than 257,900 members and over 530,100 future members in 180 countries. The organisation works with policymakers, regulators, educators and industry stakeholders to promote high standards in accountancy and support sustainable economic development worldwide.