By: Nana
Appiah Acquaye
The Bank of Ghana has
inaugurated the Non-Interest Financial Advisory Council (NIFAC) to support the
orderly development, regulation and supervision of non-interest banking and
finance in Ghana.
The Council will provide
advice to the central bank on the governance, regulation and supervision of
Non-Interest Banking Institutions, while supporting efforts to build a sound,
inclusive and credible non-interest finance ecosystem.
Speaking at the inauguration
at the Bank Square, Governor of the Bank of Ghana, Dr Johnson Pandit Asiama,
underscored the importance of strong governance, consumer protection and public
confidence in the growth of the sector.
Dr Asiama said the success
of the initiative should not be assessed solely by the number of new financial
products introduced, but by whether such products are sound, useful and capable
of earning public confidence.
He charged members of NIFAC
to carry out their responsibilities with independence, objectivity,
professionalism and diligence.
The Governor said these
principles would be critical to protecting the integrity of Ghana’s financial
framework, maintaining the soundness of the financial system and safeguarding
the public interest.
