Ghana Puts Regulatory Framework in Place to Tap $10.5 Trillion Non-Interest Finance Market — Governor

Ghana has developed a comprehensive regulatory framework for non-interest banking and is now reviewing licence applications from three institutions seeking to operate under the model, as the country positions itself to tap into a global non-interest finance market projected to reach US$10.5 trillion by 2030.

Bank of Ghana Governor Dr Johnson Pandit Asiama disclosed the licence applications on Tuesday in a speech read on his behalf by Professor John Gartchie Gatsi, the central bank’s Advisor on Non-Interest Banking, at the Fifth Non-Interest Finance International Conference 2026 held at the Accra City Hall . The applications are undergoing rigorous review, Asiama said .

The Market Opportunity

Global non-interest financial assets are projected to reach US291.4 billion in 2025, underscoring the growing importance of these instruments in mobilising capital for development .

Asiama said a well-developed non-interest banking sector would be critical in mobilising both domestic and international capital through Sukuk, equity-based financing and other innovative products, supporting entrepreneurship, SMEs, agriculture, renewable energy, housing and infrastructure .

From Legal Provision to Operational Framework

The groundwork for this moment stretches back years. Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) provided the legal basis for non-interest banking in Ghana, but as Asiama noted in August, “legal provision alone does not create a functioning market” .

In 2025, the Bank of Ghana constituted a dedicated team to develop the necessary regulatory and supervisory arrangements. That work led to the publication of the Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana on 13 January 2026 . The Guideline provides for existing financial institutions to offer non-interest services through dedicated windows, as well as for the licensing and supervision of fully fledged non-interest banking institutions .

A key governance layer was added in August 2026 with the inauguration of the Non-Interest Financial Advisory Council (NIFAC), a five-member body mandated to advise the Bank of Ghana on the regulation and supervision of non-interest banking institutions. NIFAC may also support the Securities and Exchange Commission and the National Insurance Commission as the wider ecosystem develops .

Not a Religious Product

The Governor used the conference—themed “Does Non-Interest Banking Belong to a Particular Group?”—to push back firmly against perceptions that the model is tied to any faith.

“Non-interest banking is an inclusive banking model that serves customers without discrimination based on religion, ethnicity, culture or any other social consideration,” Asiama said, adding that it was founded on ethical and mutually beneficial financing arrangements promoting fairness, transparency and sustainable growth .

“Non-interest banking is commercial banking designed to serve its clientele and make profit. It is not a social scheme to manipulate clients for any religion,” he emphasised .

The Bank of Ghana’s engagement with religious leaders reflected this sensitivity. The central bank consulted the Christian Council of Ghana, the Ghana Pentecostal and Charismatic Council, the Ghana Catholic Bishops’ Conference, and Islamic leadership before finalising the framework, with Asiama assuring the public that the Bank “is not a regulator of religion” .

Capital Market and Insurance Components

The central bank has coordinated with the National Insurance Commission and the Securities and Exchange Commission to expand the range of non-interest financial instruments and products . The SEC has been finalising Sukuk issuance guidelines, which set out requirements for structuring, documentation and post-issuance obligations, including the establishment of a Non-Interest Advisory Committee of Experts to certify compliance . Takaful (Islamic insurance) guidelines are also at an advanced stage .

What Non-Interest Banking Actually Involves

Under the framework, non-interest banking institutions do not lend money at interest. Instead, they finance customers through trade, leasing, or profit-and-loss sharing arrangements, earning returns from mark-ups, rentals, or shared profits rather than interest accruing over time . Permissible contracts include Murabahah (cost-plus sale), Ijarah (leasing), Mudarabah (profit-sharing) and Musharakah (joint venture) .

Existing conventional banks can offer these products through dedicated windows, which must maintain strict operational and financial segregation from the conventional business, including a separate Non-Interest Finance Fund and dedicated software systems .

The Road Ahead

For Ghana, the potential benefits extend beyond capital mobilisation. Proponents argue that non-interest finance could draw in individuals and businesses that have remained outside the formal banking system—estimated at over 42 per cent of Ghanaians—and offer the government an alternative route to fund infrastructure without adding to conventional debt burdens .

Asiama said the Bank was committed to ensuring implementation was guided by transparency, sound governance, consumer protection, financial stability and regulatory integrity, to complement conventional banking and contribute to Ghana’s socio-economic transformation .

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Reporter’s note: The three licence applications are under review; no institution has yet been licensed to commence non-interest banking operations. The US$10.5 trillion figure refers to global non-interest financial assets projected for 2030. The Governor’s remarks were delivered on his behalf at the conference; he did not speak in person.