Ghana eyes $10.5 trillion non-interest market as three banks seek licences

Ghana is positioning itself to capitalize on the rapidly expanding global non-interest finance market, which is projected to reach $10.5 trillion by 2030. This plan was unveiled by Dr Johnson Asiama, the Governor of the Bank of Ghana (BoG), during a speech at the Fifth Non-Interest Finance International Conference 2026 held at the Accra City Hall. Three banks have applied for non-interest banking licenses, which are currently under thorough review by the BoG.

According to Dr Asiama, non-interest assets are expected to soar to $10.5 trillion by 2030, with an annual growth rate of 9%. In 2025, non-interest bonds (sukuk) had reached a total of $291.4 billion. Ghana is preparing itself for these opportunities, particularly in trade finance, agricultural support, and infrastructure financing.

The benefits of a well-developed non-interest banking sector in Ghana are manifold. It would facilitate capital mobilization through instruments like sukuk, equity-based financing, and contribute significantly to financial sector depth. This development would support entrepreneurship and SME growth, agriculture, renewable energy, housing, and infrastructure projects, create employment opportunities, and bolster financial stability.

To prepare the market, the BoG has collaborated with the National Insurance Commission (NIC) and the Securities and Exchange Commission (SEC) to expand the range of financial instruments and products, ensuring greater choice and inclusion. Ghana's principles of non-interest banking align with global sustainability objectives, focusing on transparency, fairness, shared risk and reward, real economic activity, and social responsibility.

These principles are rooted in ethical and mutually beneficial financing arrangements that promote fairness, transparency, and sustainable economic growth.

Hosting the conference demonstrates Ghana's commitment to financial sector diversification and readiness to attract international investors, development partners, and financial institutions interested in inclusive finance. Dr Asiama reaffirmed the BoG's dedication to ensuring implementation is guided by transparency, sound governance, consumer protection, financial stability, and regulatory integrity to complement the conventional financial system, broaden access to financial services, and contribute to Ghana's socio-economic transformation.