Ghana puts regulatory framework in place to tap $10.5tr non-interest finance market — Governor

Ghana is putting in place the necessary regulatory framework to introduce non-interest banking and to position the country to tap into the rapidly expanding global non-interest finance market, the Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has stated.

He said the market was projected to reach $10.5 trillion by 2030, as it explores alternative sources of funding for national development.

The Governor’s remark was delivered on his behalf by an Advisor to the Bank of Ghana, Professor John Gatsi, at the fifth Non-Interest Finance International Conference 2026, in Accra.

The framework is expected to create opportunities for the country to attract domestic and international capital through non-interest financial instruments, particularly Sukuk, to support critical infrastructure, agriculture, housing, renewable energy and small and medium-sized enterprises (SMEs).

He said Ghana must position itself to benefit from the growing market, which offers opportunities to diversify funding sources, deepen financial inclusion and channel resources into productive economic activities.

Speaking on the theme: “Does Non-Interest Banking Belong to a Particular Group?” Dr Asiama said non-interest banking was an inclusive commercial banking model open to everyone, irrespective of religious, ethnic or cultural background.

“Non-interest banking is an inclusive banking model that serves customers without discrimination based on religion, ethnicity, culture or any other social consideration,” he said, adding that it was founded on ethical and mutually beneficial financing arrangements that promoted fairness, transparency and sustainable economic growth.

He stressed that non-interest banking should not be perceived as a religious financial arrangement but as a viable commercial model capable of complementing conventional banking and expanding opportunities within Ghana’s financial sector.

Dr Asiama said global non-interest financial assets were projected to reach $10.5 trillion by 2030, representing average annual growth of about nine per cent.

He also noted that global Sukuk issuance reached approximately $291.4 billion in 2025, underscoring the growing importance of non-interest financial instruments in mobilising capital for economic development.

Sukuk, commonly described as non-interest bonds, offer an alternative means of raising funds through asset-backed financing arrangements, particularly for infrastructure and other productive investments.

“Ghana must join the beneficiaries of non-interest financing instruments for the expansion of strategic infrastructure of the country,” he said.

On regulation, Dr Asiama said the Bank had developed a comprehensive supervisory framework following extensive consultations and consideration of international best practices to ensure regulatory clarity, consumer protection and financial stability.

He disclosed that the central bank had received three licence applications, which were undergoing rigorous review.

He said the Bank was implementing the provisions of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), particularly Section 18(1)(r), to facilitate non-interest banking operations.

The introduction of non-interest banking windows and fully fledged institutions, he said, would help mobilise funds held outside the formal banking system and channel them into productive economic activities.

“Non-interest banking is commercial banking designed to serve its clientele and make profit. It is not a social scheme to manipulate clients for any religion,” he emphasised.

Dr Asiama said the model could attract individuals and businesses who, for personal preferences or concerns about interest-based financing, remained outside conventional banking.

He expressed optimism that the development of the sector would widen access to financial services, mobilise long-term investment and contribute meaningfully to Ghana’s socio-economic transformation.

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