IFRIG to Intensify Public Education, Capacity Building Ahead of Non-Interest Banking Rollout by BoG – Dr Shaibu Ali
Director-General of the Islamic Finance Research Institute of Ghana (IFRIG), Dr Shaibu Ali, has disclosed that the institute will intensify nationwide sensitisation and capacity-building programmes to deepen public understanding of non-interest banking and finance as the Bank of Ghana (BoG) prepares for its rollout.
Speaking during the NorvanReports, Economic Governance Platform (EGP), and Ghana Anti-Corruption Coalition (GACC) X Space discussion on the topic “Beyond Interest: Can Non-Interest Banking Reshape Ghana’s Financial Future?”, Dr Ali underscored the need for effective education to ensure Ghanaians appreciate the concept as a viable business and financing model rather than a religious system.
He highlighted Nigeria’s success in leveraging the non-interest model for infrastructure development, noting that the West African nation recently raised approximately ₦3 billion through a non-interest instrument that received an oversubscription of ₦2.2 trillion. “Countries like the UAE and Malaysia have used the non-interest system to develop world-class infrastructure such as rail networks and industrial cities. These are examples we share to demonstrate the potential of this model,” Dr Ali stated.
According to him, IFRIG has been at the forefront of advocating for non-interest finance since 2001 and has worked closely with the central bank to build its technical capacity, often collaborating with counterparts from Nigeria. “The Bank of Ghana has been open and transparent with us, providing the necessary support. Our goal now is to strengthen capacity before its rollout,” he added.
He further revealed that IFRIG, in partnership with the Chartered Institute of Bankers and other financial institutions, is preparing to train stakeholders across all levels — from boardrooms to frontline staff — on the operational, accounting, and auditing aspects of non-interest banking. “We already have standards such as the Accounting and Auditing Organisation for Islamic Finance (AAOIFI) guidelines, and we intend to train regulators, auditors, and lawyers to understand these frameworks,” he explained.
Dr Ali emphasised that national sensitisation through television, radio, town hall meetings, and digital platforms will be essential to promote awareness once the regulatory framework is finalised. “We want Ghanaians to understand this model in relatable language. Our objective is to build confidence and trust in the system,” he said.
Defining what success would look like for the initiative, Dr Ali noted that non-interest banking should become a normal part of Ghana’s financial ecosystem, accessible to all regardless of religion. “For me, success means farmers and entrepreneurs can access capital without the burden of high interest rates, more real economic projects are funded through non-interest instruments, and Ghanaians develop a deep understanding of the system,” he stated.
He also cautioned that continuous education would remain vital even after implementation, citing Nigeria’s ongoing public engagement despite its progress in non-interest finance. “The key lesson is that public education must be continuous to ensure sustainability,” Dr Ali concluded.
