Banks and financial institutions in Ghana have been challenged to design inclusive financial products tailored to the needs of smallholder farmers, market traders, young entrepreneurs, and households long excluded from formal credit systems.
The call was made at the 4th Islamic Finance International Conference (IFIC 2025), held in Accra, which highlighted non-interest finance as a pathway to inclusive growth and sustainable development.
Speakers at the conference argued that Ghana’s traditional financial system has left large segments of the population underserved, particularly rural communities and the informal sector.
They stressed that ethical financing models built on fairness, risk-sharing, and asset-backed structures could unlock capital for the groups that form the backbone of the economy.
Global examples were showcased to reinforce this point, including Nigeria’s ₦1.4 trillion Sukuk-funded road projects, Malaysia’s leadership in non-interest finance, and the United Kingdom’s sovereign Sukuk issuance.
Experts said these cases prove that ethical finance is not religion-specific but a universal model for equitable development.
The conference urged the Bank of Ghana to fast-track its regulatory framework for non-interest finance and called on government to adopt Sukuk bonds to fund infrastructure, healthcare, and housing under the “Big Push Agenda.” Training institutions were also encouraged to introduce programmes on ethical finance to develop local expertise.
Dr. George Baah-Danquah, representing the Ghana Catholic Bishops’ Conference, reminded participants that “finance is not merely about numbers or profits; it is about people, values, and the common good.”
He emphasised that non-interest finance must serve smallholder farmers, traders, entrepreneurs, and marginalised households to ensure inclusivity in Ghana’s secular state.
With its political stability and growing investment appetite, experts said Ghana is well-placed to position itself as a regional hub for ethical finance in West Africa, provided bold steps are taken to move beyond dialogue to practical implementation.
