Ghana is moving closer to introducing non-interest banking, as at least one indigenous lender has formally applied for a licence, signalling early domestic uptake of the model.
Information obtained by the Ghana News Agency from a source within the commercial banking sector indicates that four additional banks are preparing to submit applications to the Bank of Ghana (BoG), pointing to growing institutional interest.
The applications follow the central bank’s release of guidelines in January 2026 governing non-interest banking, also known as Islamic or Sharia-compliant finance, which prohibits interest-based lending and instead relies on profit-sharing and asset-backed transactions.
Dr Johnson Pandit Asiama, BoG Governor, has said the regulator is ready to assess applications, noting at the 128th Monetary Policy Committee briefing that several investors had made preliminary enquiries ahead of formal submissions.
The push is being reinforced by parallel regulatory work in capital markets.
Ghana’s Securities and Exchange Commission is close to finalising rules for sukuk- Islamic financial instruments structured around asset-backed financing rather than conventional debt- which could broaden funding options for both public and private sector projects.
Global data underscore the sector’s growth potential. Islamic finance assets were valued at about $4.5 trillion in 2024 and are projected to reach $5.9 trillion in 2026 and $6.67 trillion by 2027, according to Statista and industry estimates.
In Africa, momentum is building. Nigeria, Egypt and South Africa collectively raised about $3.05 billion through sukuk issuances between 2023 and 2024, highlighting increasing acceptance of alternative financing structures.
Analysts say Ghana’s entry into non-interest banking could help ease credit constraints, particularly for small and medium-sized enterprises (SMEs), which often struggle with high borrowing costs in conventional markets.
Research by the Ghana Association of Banks suggests the model could diversify the financial sector, attract foreign investment and support infrastructure development, while improving financial inclusion.
Dr Daniel Anim-Prempeh, Chief Economist at the Public Initiative for Economic Development (PIED), told the GNA in an interview that the development reflected rising confidence in the commercial viability of non-interest financial products.
“The module is progressive. If this should start in our domestic economy, it’s going to support critical sectors of the economy, principally, SMEs in terms of expanding their productive capacity, creating jobs for citizens and contribute to the Gross Domestic Product (GDP) growth), he said.
Dr Anim-Prempeh said that the model could draw in businesses that have historically avoided formal banking due to interest-based lending structures.
“Non-interest banking is based on trust – you’re giving the money and expected to work with it, create opportunities, employ people and support the overall growth of the economy and pay back the principal for onward lending to other businesses,” he said.
However, Dr Anim-Prempeh cautioned that banks would need strong credit appraisal frameworks, comparable to venture capital due diligence, alongside robust corporate governance and monitoring systems to manage risks.
Dr Issahaku Yakubu, a commercial banking executive at Stanbic Bank Ghana, said non-interest finance could also offer the government an alternative route to fund infrastructure without adding to debt burdens.
“Through instruments such as Sukuk (Islamic bonds), Ghana can fund significant infrastructure projects like road construction, railway expansion, the revival of the Tema Oil Refinery (TOR), the reintroduction of state-owned airlines, and housing initiatives without increasing national debt,” he stated.
Dr Yakubu said that with more than 42 per cent of Ghanaians estimated to be unbanked, largely due to low trust in conventional banking, non-interest products could improve inclusion by aligning with religious and ethical preferences.
Ghana’s framework is designed to be accessible regardless of faith, drawing on established models in markets such as the United States, the United Kingdom and Malaysia.
