By Francis Ntow, GNA
Accra, Nov 10, GNA – Ghana is positioning itself to tap into the fast-growing global non-interest finance market, projected to reach US$10.5 trillion by 2030, as three banks apply to operate non-interest banking in the country.
Dr Johnson Pandit Asiama, the Governor, Bank of Ghana (BoG), disclosed the licence applications on Tuesday in a speech read for him by Professor John Gartchie Gatsi, Advisor at the Bank of Ghana on non-interest banking.
He read the speech at the Fifth Non-Interest Finance International Conference 2026 at the Accra City Hall, noting that the Central Bank was currently undergoing rigorous review and consideration of the licences.
The Governor indicated that non-interest assets had been projected to US$10.5trillion by 2030 with average annual growth of nine per cent, as non-interest bond (sukuk) reached US$291.4 billion in 2025.
He said Ghana was positioning itself for opportunities in the sector, adding that “the Bank of Ghana is working to ensure non-interest banking becomes attractive with traffic in trade finance, agricultural support and infrastructure financing.”
On the benefit to Ghana, he said a well-developed non-interest banking sector would be critical in mobilising both domestic and international capital through instruments such as sukuk, equity-based financing and increase financial sector depth.
That, he noted, would support entrepreneurship and small and medium-sized enterprises (SMEs) growth, agriculture, renewable energy and housing and infrastructure projects, create employment opportunities, and enhance financial stability.
To prepare the market, he said the Central Bank had coordinated with the National Insurance Commission (NIC) and the Securities and Exchange Commission (SEC) to expand the frontiers of financial instruments and products to achieve greater choice and inclusion.
Dr Asiama said the Bank had also taken time to put in place a comprehensive, forward-looking framework covering prudential regulation, consumer protection, liquidity management, tax neutrality and governance standards.
“As a result of sound regulatory framework, the Bank has received three licence applications, which are currently under rigorous review and consideration,” he stated.
The Governor said Ghana’s principles of non-interest banking – transparency, fairness, shared risk and reward, real economic activity and social responsibility – aligned closely with global sustainability and environmental, social and governance (ESG) objectives and the Sustainable Development Goals (SDGs).
He reiterated the inclusiveness of the non-interest banking model, which did not belong to any particular group and serving customers without discrimination based on religion, ethnicity, culture or any other social consideration.
The model, he said, was founded on ethical and mutually beneficial financing arrangements that promoted fairness, transparency and sustainable economic growth, with interest neither paid nor received.
He said hosting the conference demonstrated Ghana’s commitment to financial sector diversification and its readiness to attract international investors, development partners and financial institutions seeking opportunities in inclusive finance.
Governor Asiama reaffirmed the Bank of Ghana’s commitment to ensuring implementation was guided by transparency, sound governance, consumer protection, financial stability and regulatory integrity.
That, he said, was to complement the conventional financial system, broaden access to financial services, mobilise productive investment and meaningfully contribute to Ghana’s socio-economic transformation.
GNA
Edited by Agnes Boye-Doe