Ghana is positioning itself to attract a share of the projected US$10.5 trillion global non-interest finance market by 2030, with three banks seeking regulatory approval to introduce the financing model into the country’s banking industry.
The applications, currently undergoing review by the Bank of Ghana (BoG), signal growing interest in an alternative financing market that could expand access to capital for businesses, particularly small and medium-sized enterprises (SMEs), agriculture, housing and infrastructure development.
The development also presents an opportunity for Ghana to diversify its financial system, attract international investment and mobilise additional funding for productive economic activities beyond conventional interest-based lending.
Dr Johnson Pandit Asiama, Governor of the Bank of Ghana, disclosed the applications at the Fifth Non-Interest Finance International Conference 2026 in Accra, in a speech read on his behalf by Professor John Gartchie Gatsi, an Advisor to the Bank on non-interest banking.
He said global non-interest finance assets were projected to reach US$10.5 trillion by 2030, growing at an average annual rate of nine per cent, while the global sukuk market reached US$291.4 billion in 2025.
The Governor said the Bank was working to make Ghana’s non-interest banking market attractive, particularly in trade finance, agricultural financing and infrastructure investment.
For businesses, the model could provide alternative funding arrangements for enterprises that face difficulties accessing conventional credit, while creating opportunities to finance projects through asset-backed and equity-based instruments.
Dr Asiama said a developed non-interest banking sector could mobilise domestic and international capital through instruments such as sukuk and equity-based financing, deepen the financial sector and support entrepreneurship.
He identified agriculture, renewable energy, housing and infrastructure as areas that could benefit from the expansion of non-interest financing, with potential implications for employment creation and private sector growth.
Regulatory framework takes shape
The entry of new operators into the market will depend on the regulatory environment being sufficiently developed to protect customers, maintain financial stability and provide clarity for investors.
Dr Asiama said the Bank had established a comprehensive regulatory framework covering prudential supervision, consumer protection, liquidity management, tax neutrality and governance standards.
He said the Central Bank had also been working with the National Insurance Commission (NIC) and the Securities and Exchange Commission (SEC) to broaden the range of financial products and instruments available in the market.
The coordination is expected to support the development of complementary financial services and expand investment options for businesses and individuals.
The three licence applications are currently under rigorous review, although the Governor did not disclose the identities of the applicant banks or indicate when approvals would be granted.
Expanding financing beyond conventional banking
Non-interest banking operates on principles of transparency, fairness, shared risk and reward, and financing linked to real economic activity, rather than the payment or receipt of interest.
The model uses alternative arrangements, including asset-backed financing and profit-sharing structures, to provide capital for businesses and investment projects.
Dr Asiama said the model was open to all customers, irrespective of religion, ethnicity, culture or other social considerations, stressing that its principles were rooted in ethical and mutually beneficial financial arrangements.
He added that the model’s emphasis on responsible investment, transparency and social responsibility aligned with global environmental, social and governance (ESG) objectives and the United Nations Sustainable Development Goals (SDGs).
The Governor said Ghana’s hosting of the international conference demonstrated its commitment to financial sector diversification and readiness to attract international investors, development partners and financial institutions interested in inclusive finance.
He reaffirmed the Bank’s commitment to ensuring that the development of non-interest banking complemented conventional banking, broadened financial access and mobilised productive investment under sound regulatory supervision.
For Ghana, the potential economic gains will depend on how effectively the new financing model translates into affordable capital for businesses, supports long-term investment and expands funding for sectors critical to economic transformation.
