Bank of Ghana (BoG)

BoG must use Islamic banking to promote financial inclusion – Dubai Chamber

The Head of Dubai Chamber-Ghana Office, Cyril Darkwa, is encouraging the Bank of Ghana (BoG) to see Islamic banking as a way to promote financial inclusion in the country. Mr. Darkwa stated that this type of finance is being utilised by banks, companies and start-ups to tap into the large unbanked population in Africa. An executive member of the Ghana Muslim (GM) Ambassadors, Dr. Abubakar Muhammad Marzuq, said Islamic banking will be of great benefit to the country as a whole. He said although regulations are necessary to attract investors, awareness is more important to ensure a vibrant Islamic banking regime. He therefore called for effective collaboration between the Islamic banking industry and the media in order to create awareness.

BoG to consider Islamic banking in Ghana

The Bank of Ghana (BoG) has indicated that it might consider introducing Islamic finance to Ghana provided that the prospects are positive. There have been arguments among industry players whether or not Islamic banking is a potential solution to the high interest rates challenges for the private sector. According to Dr. Henry Wampah - Acting Governor of the BoG - the bank intends to consider this matter in the very near future.

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