GCB Bank has thrown its support behind Ghana’s new non-interest finance framework, describing the inauguration of the Non-Interest Financial Advisory Council (NIFAC) by the Bank of Ghana as a major step toward building a more inclusive and diversified financial sector.
The newly established council, chaired by Prof. Bashir Aliyu Umar, brings together specialists in non-interest finance, economics, treasury and liquidity management, as well as financial regulation. NIFAC is expected to provide strategic advice to the Bank of Ghana on the regulation, governance, compliance and supervision of non-interest banking and finance in the country.
For GCB Bank, the framework could give financial institutions, investors, businesses and customers greater confidence as Ghana’s non-interest finance market develops. The bank said stronger governance, transparency, consumer protection and regulatory oversight would be critical to ensuring the emerging sector grows on a sound and sustainable foundation.
GCB Bank Managing Director, Farihan Alhassan, said the development creates room for innovation while ensuring that the sector operates within a credible and well-governed system. He added that non-interest finance could broaden financial choices, deepen inclusion and create new opportunities for individuals and businesses to participate in Ghana’s formal financial system.
The bank also stressed that the opportunity goes beyond any single faith or customer group, noting that properly regulated non-interest finance could complement Ghana’s existing financial system and support sectors including SMEs, households, agriculture, infrastructure and trade. GCB Bank congratulated Bank of Ghana Governor Dr. Johnson Pandit Asiama, Prof. John Gatsi, Prof. Bashir Aliyu Umar, members of NIFAC and other stakeholders involved in the initiative, reaffirming its support for efforts aimed at expanding access to finance and promoting sustainable economic development.
source: graphic
