The Bank of Ghana has enlisted the support of Ghana’s religious leaders in shaping the country’s transition toward Non‑Interest Banking and Finance (NIBF), a system that avoids interest-based lending and instead promotes risk‑sharing and ethical investments.
Addressing members of the clergy at Bank Square in Accra on Friday, Governor Dr. Johnson P. Asiama described the engagement as a crucial step in the broader effort to establish the institutional, legal, and regulatory framework for NIBF in Ghana. He stressed that the clergy’s role goes beyond moral guidance, explaining that they are trusted voices who can help Ghanaians understand and embrace the values behind the interest‑free banking model.
“Feedback from this engagement will be valuable to achieve inclusiveness and collective ownership,” Dr. Asiama told the gathering. “As a critical regulator, our paramount interest is the business case and inherent benefits of NIBF to the economy and particularly to achieve financial inclusion with product diversification and choice. The Clergy has always been our partners in fostering financial education.”
Ethical Finance with Global Reach
Building on that foundation, Dr. Asiama explained that NIBF “operates without charging or paying interest (usury) such that transactions only result in profit and loss sharing in line with our partnership arrangements.” He noted that the model has “gained considerable global traction, with a total balance sheet size exceeding US$5.5 trillion as of end‑December 2025, with high impact on sovereign and corporate project finance with [an] impactful microfinance sector.”
He then placed Ghana’s efforts in context, pointing out that “countries such as Nigeria, Kenya, Uganda, Tanzania, and South Africa have taken proactive steps in developing NIBF as a means of fostering financial inclusion, particularly for unbanked populations,” while beyond Africa, countries like “the United Kingdom, Malaysia, Netherlands, Japan, Singapore, Hong Kong and Luxembourg… have embraced NIBF, recognizing its potential to attract diversified investment and promote sustainable financial services.”
Furthermore, Dr. Asiama emphasised that the foundation of NIBF “is anchored in historic and universal values that transcend religious or cultural boundaries,” and that it “promotes ethical conduct, social justice, financial inclusion, and shared prosperity.”
“Unlike conventional banking systems, which largely rely on interest‑based lending and debt instruments, NIBF is built upon principles of equity, fairness, transparency, and risk‑sharing,” he said. “It prohibits the charging of interest, upholding the belief that money should serve as a medium of exchange rather than a commodity that generates profit in isolation.”
A Development Tool for Ghana’s Future
Linking the concept directly to Ghana’s pressing needs, the Governor connected the initiative to the country’s economic and infrastructure gaps, noting that “despite considerable public investment over the past two decades, Ghana’s infrastructure stock remains insufficient, particularly in critical sectors such as transportation, energy, water and sanitation, and digital connectivity.”
Citing UN data to underscore the urgency, he added that “Ghana will require an estimated US$37.9 billion annually to meet its infrastructure financing needs and to achieve the Sustainable Development Goals (SDGs).”
To help close that gap, Dr. Asiama pointed to innovative instruments like Sukuk Bonds, a key NIBF financing tool. “Sukuk offer an alternative mechanism for mobilizing capital for general government financing, infrastructure development, working capital for corporates, and Tier I and II capital augmentation under the Basel III framework,” he explained.
He also highlighted African examples, including South Africa’s “debut US$500 million Sukuk in 2014 with a 5.5‑year tenor, which was oversubscribed more than fourfold,” and Nigeria’s sovereign Sukuk programme, which “has mobilised approximately US$2.37 billion, facilitating the construction and rehabilitation of more than 4,100 kilometres of roads and nine major bridges.”
Dr. Asiama further stressed that Non‑Interest Banking was not merely another product for Ghana’s financial sector, but a potential “transformative instrument for economic justice and inclusive prosperity.” He urged the clergy to help “create awareness, demystify misconceptions, and give NIBF a chance to be nurtured within our banking and finance space.”
With Ghana seeking new ways to fund its development agenda without overburdening public finances, the Governor’s outreach underscored how central faith leaders could become in guiding national understanding of an interest‑free model.
If embraced, Non‑Interest Banking could open a new chapter in Ghana’s financial story, one where ethics and inclusion stand alongside innovation and growth.
