Ghana is moving closer to joining a growing list of African nations exploring Non‑Interest Banking and Finance (NIBF), after the Bank of Ghana (BoG) signaled a strong interest in the model during a meeting with religious leaders in Accra.
While BoG has not formally announced which instruments will eventually form part of Ghana’s NIBF framework, Governor Dr. Johnson P. Asiama pointed repeatedly to Sukuk bonds, interest‑free investment instruments that have helped fund infrastructure in other countries, as one of the standout tools used by nations like Nigeria and South Africa.
“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,” Dr. Asiama told the gathering at Bank Square.
Joining an African Trend
Non‑Interest Banking avoids conventional interest‑based lending and instead emphasizes profit‑and‑loss sharing, tangible asset‑backed transactions, and ethical investment. Dr. Asiama 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,” and is already in use in countries such as Nigeria, Kenya, Uganda, Tanzania, and South Africa.
He also reminded participants that outside Africa, nations like Malaysia, the UK, and Singapore have embraced Non‑Interest Banking, underscoring its credibility as a mainstream financial system.
Although Ghana is still building its legal and regulatory framework, the Governor made it clear that faith leaders will play an important role in shaping the conversation, saying the clergy’s voice is essential to “achieve inclusiveness and collective ownership” and to help “foster financial education.”
A Glimpse at Sukuk’s Potential
In pointing to examples abroad, BoG offered what may be a hint of what could come. Nigeria’s sovereign Sukuk programme has mobilised about US$2.37 billion since 2017, financing over 4,100 kilometres of roads and nine major bridges, while South Africa’s debut Sukuk in 2014 raised US$500 million in a deal that was oversubscribed fourfold.
By referencing those successes, the central bank appeared to be signaling that Sukuk, or instruments like it, could be considered as part of Ghana’s broader Non‑Interest Banking push, especially given the country’s pressing infrastructure needs, which the United Nations estimates at US$37.9 billion annually.
For now, Ghana’s engagement with Non‑Interest Banking remains in its formative stage. But the Bank of Ghana’s focus on Sukuk and its outreach to the clergy suggest that the country could soon be charting a path similar to Nigeria, Kenya, and South Africa, potentially unlocking a new stream of ethical, interest‑free finance for national development.
If Ghana follows through, it could step into a trillion‑dollar global market, and reshape how major projects are financed for years to come.
