Ghana is positioning itself as a West African hub for Islamic finance with the planned launch of its first comprehensive Islamic banking, capital markets, and insurance regulations by the end of 2025, Professor John Gartchie Gatsi, an adviser to the Bank of Ghana (BoG), has said.
The landmark framework being jointly developed by the BoG, the Securities and Exchange Commission (SEC), and the National Insurance Commission (NIC) will cover non-interest banking, Islamic bonds (Sukuk), and Islamic insurance (Takaful).
It is poised to open up vast new financing avenues for both domestic and international investors.
Speaking after a working visit to Malaysia, where a BoG delegation engaged with the International Islamic Liquidity Management Corporation and Bursa Malaysia, Prof. Gatsi said Ghana sees strong potential for Sukuk to finance strategic projects in energy, agriculture, healthcare, telecommunications, and IT sectors where infrastructure gaps remain critical.
“This is not just for Ghana’s 19.9% Muslim population. It’s about diversifying financing sources, strengthening financial inclusion, and attracting investors who may prefer Shariah-compliant products,” he explained.
The country also plans to join the Islamic Financial Services Board (IFSB) in 2026 to align with global regulatory standards.
Investor confidence is expected to receive a further boost from Ghana’s improving economic fundamentals, including a debt-to-GDP ratio of around 43% and inflation trending above 12%.
Malaysian advisory firm Masryef has already proposed innovative gold-backed Sukuk for Ghana, leveraging the country’s vast mineral resources while addressing production challenges from illegal mining.
The Central Bank will announce minimum capital requirements for all Islamic finance operators by the end of 2025, allowing financial institutions to apply for licenses in non-interest banking, Islamic insurance, and Islamic capital market activities.
A committee of Shariah finance experts will also be formed to ensure compliance and investor trust.
Prof. Gatsi noted that the initiative builds on earlier, shelved attempts under different governments between 2001 and 2012 but stressed that this time, the coordinated approach and improving macroeconomic stability position Ghana for success.
“This is about creating a competitive edge for Ghana in Africa’s growing Islamic finance market and using it as a tool to fund transformative national projects,” he added.
