A circulating document purporting to be from Archbishop Nicholas Duncan-Williams has reportedly expressed support for the Bank of Ghana’s proposed Non-Interest Banking and Finance model, adding a prominent Christian voice to Ghana’s ongoing debate over the framework.
The document, dated July 28, 2025, is addressed to major Christian bodies, including the Christian Council of Ghana, the Ghana Catholic Bishops’ Conference, the Ghana Pentecostal and Charismatic Council and the National Association of Charismatic and Christian Churches.
It is titled “Endorsement of the Bank of Ghana’s Proposed Non-Interest Banking and Finance Model” and reportedly calls on church leaders to support the initiative.
What the Circulating Letter Says
According to the document, Archbishop Duncan-Williams views the proposed model as an opportunity to develop a financial system that reflects ethical values, transparency and financial inclusion.
The letter reportedly argues that Ghana should explore financial systems that reflect its own values rather than simply replicating models from elsewhere.
It also appears to suggest that non-interest finance could create additional opportunities for wealth creation, investment and broader access to financial services.
Authenticity Yet to Be Independently Confirmed
Despite the claims contained in the document, GhanaMedia.net has not independently verified that the letter was officially issued by Archbishop Duncan-Williams or his office.
The document should therefore be treated as a reported or circulating document rather than definitive confirmation of the Archbishop’s position until an authoritative source authenticates it.
What Is Non-Interest Banking?
The Bank of Ghana has been developing a regulatory framework for Non-Interest Banking and Finance (NIBF), which would allow financial institutions to offer banking products structured without conventional interest-based lending.
The proposed framework is broader than the term “Islamic banking” and is designed as a regulatory model that can operate within Ghana’s pluralistic financial and religious environment.
Non-interest finance is commonly associated with Islamic finance principles, including restrictions on interest-based transactions and greater emphasis on asset-backed and economically productive transactions.
Bank of Ghana Continues Consultations
The Bank of Ghana has continued stakeholder consultations on the proposed framework.
Recent discussions with Christian leaders have highlighted both the potential benefits of non-interest banking and concerns about ensuring that the eventual framework remains religiously neutral and accessible to all Ghanaians.
Christian stakeholders have stressed that their concerns should not automatically be interpreted as opposition to non-interest banking itself, but rather as a call for a framework that commands broad public confidence.
Consultative Committee to Be Established
As part of the latest engagement, stakeholders agreed to establish a consultative subcommittee chaired by Presidential Envoy for Interfaith and Ecumenical Relations, Elvis Afriyie-Ankrah.
The committee is expected to continue discussions with the Bank of Ghana and broaden consultations to include Muslim leaders and other relevant faith groups.
The objective is to help ensure that the final framework reflects broad national consensus and strengthens interfaith understanding.
A Developing National Debate
Ghana’s proposed non-interest banking framework has generated interest because of its potential to widen consumer choice, deepen financial inclusion and provide alternative financing mechanisms.
At the same time, questions around regulation, governance, consumer protection, legal capacity and public understanding remain important as the country considers how the framework should operate.
For now, the document attributed to Archbishop Duncan-Williams adds another dimension to the discussion, although its authenticity remains to be independently established.
GhanaMedia.net will continue to follow developments surrounding the proposed Non-Interest Banking and Finance framework and update this report when authoritative clarification becomes available.
