The Bank of Ghana (BoG) has proposed a stringent capital requirement for foreign-owned non-interest banking operators, mandating that not less than 60% of the required capitalisation be brought into the country in convertible currency and invested strictly in non-interest-compliant instruments.
The provision is contained in the Central Bank’s newly published draft Guideline for the Regulation and Supervision of Non-Interest Banking for banks, specialized deposit-taking institutions, development finance institutions, rural and community banks, and microfinance institutions.
According to the BoG, minimum paid-up capital levels and application fees for all Non-Interest Financial Institutions (NIFIs) will be determined and communicated through official notices, in line with the Bank’s regulatory powers.
Where an institution receives final approval, it will be required to pay the initial licensing fee before the licence is issued. Additionally, all licensed institutions must pay an annual licensing fee on or before January 31 of each year. The Central Bank also reserves the right to prescribe additional capital requirements on a case-by-case basis.
The Guideline is issued under the authority of sections 3 and 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and section 4 of the Development Finance Institutions Act, 2020 (Act 1032).
Institutions seeking to operate under the Non-Interest Banking (NIB) model must conduct banking, trading, investment and commercial activities, and offer financial products and contracts strictly in accordance with approved non-interest banking principles.
