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Ghana is edging closer to launching non-interest banking, with at least one indigenous lender formally applying for a licence, signalling early domestic adoption of the alternative financing model.
Industry sources indicate that four additional banks are preparing submissions to the Bank of Ghana (BoG), reflecting growing institutional interest following the release of regulatory guidelines in January 2026.
The framework governs non-interest banking—also known as Islamic or Sharia-compliant finance—which eliminates interest-based lending in favour of profit-sharing and asset-backed transactions.
Governor of the central bank, Johnson Pandit Asiama, has confirmed the regulator’s readiness to evaluate applications. Speaking at the 128th Monetary Policy Committee briefing, he noted that multiple investors had already made preliminary enquiries ahead of formal filings.
Regulatory momentum is also building within the capital markets. The Securities and Exchange Commission is finalising guidelines for sukuk—Islamic financial instruments structured around asset-backed financing—which could unlock new funding channels for both public and private sector projects.
Globally, Islamic finance continues to expand rapidly. Industry estimates value the sector at approximately $4.5 trillion in 2024, with projections pointing to $5.9 trillion by 2026 and $6.67 trillion by 2027.
Across Africa, adoption is gaining pace. Countries including Nigeria, Egypt, and South Africa collectively raised about $3.05 billion through sukuk issuances between 2023 and 2024, underscoring increasing acceptance of alternative financing structures.
Analysts say Ghana’s entry into non-interest banking could ease credit constraints, particularly for small and medium-sized enterprises, which often face high borrowing costs under conventional lending models. The approach is also expected to diversify the financial sector, attract foreign capital, and support infrastructure financing while improving financial inclusion.
Daniel Anim-Prempeh, Chief Economist at the Public Initiative for Economic Development (PIED), described the development as a sign of growing confidence in the commercial viability of non-interest finance.
According to him, the model could stimulate key sectors of the economy by expanding productive capacity, creating jobs, and contributing to GDP growth. He added that it may also attract businesses that have traditionally avoided formal banking due to interest-based structures.
However, he cautioned that banks would need robust credit assessment frameworks, strong corporate governance, and effective monitoring systems to manage associated risks.
From an infrastructure perspective, Issahaku Yakubu of Stanbic Bank Ghana noted that non-interest finance could provide government with alternative funding mechanisms without increasing debt burdens.
He pointed to instruments such as sukuk as viable tools for financing large-scale projects, including transport infrastructure, housing, and energy developments.
With over 40 per cent of Ghanaians estimated to be unbanked—largely due to limited trust in conventional banking—stakeholders believe non-interest financial products could significantly expand access by aligning with ethical and religious preferences.
Ghana’s framework, however, is designed to be inclusive and accessible to all, regardless of faith, drawing on established models from markets such as the United States, the United Kingdom, and Malaysia.
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