Ghana puts regulatory framework in place to tap $10.5tr non-interest finance market — Governor

Ghana is developing regulatory measures to introduce non-interest banking and position the nation to capitalize on the rapidly growing global non-interest finance market, according to Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG). The market is expected to reach $10.5 trillion by 2030, and Ghana is exploring alternative funding sources for national development.

The Governor's statement was delivered by Professor John Gatsi, an Advisor to the BoG, at the fifth Non-Interest Finance International Conference 2026 in Accra. The framework aims to attract domestic and international capital through non-interest financial instruments, such as Sukuk, to support critical sectors like infrastructure, agriculture, housing, renewable energy, and SMEs.

Ghana must seize the opportunity to benefit from the expanding market, which offers diversification, enhanced financial inclusion, and resource channeling into productive activities. Dr. Asiama emphasized that non-interest banking is an inclusive commercial banking model available to anyone, regardless of religious, ethnic, or cultural backgrounds.

Non-interest banking promotes fairness, transparency, and sustainable economic growth through ethical and mutually beneficial financing arrangements. The global non-interest financial assets are projected to reach $10.5 trillion by 2030, with global Sukuk issuance amounting to approximately $291.4 billion in 2025. Ghana has established a comprehensive supervisory framework following consultations and international best practices to ensure regulatory clarity, consumer protection, and financial stability.

The central bank has received three licence applications for non-interest banking operations, which are undergoing rigorous review.