At least one indigenous Ghanaian bank has formally applied for a non-interest banking licence from the Bank of Ghana (BoG), with four additional lenders preparing to submit applications, signalling that the country’s alternative finance sector is moving from regulation to reality.
Information obtained from within Ghana’s commercial banking sector indicates the applications follow the central bank’s release of its regulatory guidelines for non-interest banking in January 2026. The model, also known as Islamic or Sharia-compliant finance, prohibits interest-based lending and instead operates through profit-sharing arrangements and asset-backed transactions.
BoG Governor Dr. Johnson Pandit Asiama confirmed at the 128th Monetary Policy Committee (MPC) briefing that the regulator was ready to assess applications, noting that several investors had already made preliminary enquiries ahead of formal submissions. “A number of potential investors are writing to us and doing the necessary checks. So we are optimistic that very soon, we may be able to see a formal application for a licence that we can review and take things forward,” he said.
Ghana’s Securities and Exchange Commission (SEC) is also close to finalising rules for sukuk, Islamic financial instruments structured around asset-backed financing, which could expand funding options for public and private sector infrastructure projects without adding to conventional debt obligations.
The potential is significant. Global Islamic finance assets were valued at approximately $4.5 trillion in 2024 and are projected to reach $5.9 trillion in 2026. In Africa, Nigeria, Egypt, and South Africa collectively raised about $3.05 billion through sukuk issuances between 2023 and 2024.
Economists say Ghana’s entry into the sector could ease credit constraints, particularly for small and medium-sized enterprises (SMEs). Dr. Daniel Anim-Prempeh, Chief Economist at the Public Initiative for Economic Development (PIED), described the model as well-suited to productive lending. “The module is progressive. If this should start in our domestic economy, it’s going to support critical sectors of the economy, principally SMEs in terms of expanding their productive capacity, creating jobs for citizens and contributing to GDP growth,” he said.
He added that non-interest banking could attract businesses that have historically avoided formal financial institutions. “Non-interest banking is based on trust. You’re giving the money and expected to work with it, create opportunities, employ people and support the overall growth of the economy and pay back the principal for onward lending to other businesses,” he said. He did, however, caution that banks would need strong credit appraisal systems comparable to venture capital due diligence, alongside robust governance and monitoring frameworks to manage risks.
Dr. Issahaku Yakubu, a commercial banking executive at Stanbic Bank Ghana, said the model could also offer the government an alternative route to fund infrastructure. “Through instruments such as sukuk, Ghana can fund significant infrastructure projects like road construction, railway expansion, the revival of the Tema Oil Refinery (TOR), and housing initiatives without increasing national debt,” he said.
With more than 42 percent of Ghanaians estimated to be unbanked, analysts say non-interest products aligned with religious or ethical preferences could improve financial inclusion. Ghana’s framework is designed to be accessible regardless of faith, drawing on established models in markets including the United States, the United Kingdom, and Malaysia.
