ACCA leads call for enhanced governance and assurance ahead of 2026 non-interest banking transition

The Association of Chartered Certified Accountants (ACCA) is pushing for stronger reporting and assurance standards as Ghana prepares to introduce non-interest banking in 2026, arguing that transparency will be key to building confidence in the emerging sector.

Speaking at the ACCA Business Leaders’ Forum on Sustainability & Non-interest Banking in Ghana held in Accra, ACCA Africa Director Jamil Ampomah said the success of the new banking model will depend on how well institutions report, govern, and explain their operations to the public. He noted that investors and depositors will only commit funds if they can rely on accurate and consistent disclosures.

“Non-interest banking can only grow when reporting is reliable and trusted,” Mr. Ampomah said. He added that ACCA sees its role as helping the market develop the capacity required for proper reporting, assurance, and governance as the country transitions into the new framework.

The Bank of Ghana plans to activate the non-interest banking regulatory framework next year, allowing traditional banks to open non-interest windows while licensing fully-fledged non-interest banks. The move is expected to broaden financial inclusion, introduce new products, and support asset-based financing across the economy.

Advisor to the Governor of the Central bank of Ghana, Professor John Gatsi, said the regulatory framework is complete and awaiting final approval. He underscored the need for banks to strengthen internal structures before launching their non-interest operations. “The sector requires people who understand the products, the risks, and the underlying governance,” he said.

According to him, the central bank expects institutions to train staff across risk, compliance, treasury, and internal audit to ensure readiness before rollout.

Mr. Ampomah warned that weak reporting could delay the maturation of the sector. He pointed to global markets such as Malaysia and Pakistan, where Islamic finance has grown on the back of strict disclosure and assurance practices.

He argued that Ghana must follow a similar path if it wants to build credibility quickly. He said the accounting profession will need to support banks with clear frameworks for disclosures on asset-backed transactions, profit-sharing models, and risk-management mechanisms. “The governance and the reporting are what will give confidence to the market,” he said.

Prof. Gatsi said the Bank of Ghana will integrate non-interest banking rules with its Sustainable Banking Principles to ensure institutions factor in environmental and governance risks. The central bank believes this alignment will make the sector more resilient and position it to support productive activities such as agriculture, manufacturing, and infrastructure.

The rollout is also expected to create new job opportunities. According to Prof. Gatsi, banks will require specialists in structuring, compliance, product development, and Sharia governance to support the model. He added that the central bank is working with professional bodies and academic institutions to embed non-interest banking concepts into training programmes.

Mr. Ampomah said early movers will have a competitive advantage as demand for ethical and transparent financial products grows. He urged banks to view the transition as part of a broader shift toward responsible finance, rather than a narrow product expansion.