Ghana urged to embrace non-interest finance for inclusive growth
The nation has been urged to embrace non-interest finance as a bold step towards inclusive growth, sustainable development and boosting investor confidence on the global stage.
This call was made at the 4th Islamic Finance International Conference (IFIC 2025), held at the Accra International Conference Centre on Saturday, 27th September.
The conference, themed “Non-Interest Finance as a Catalyst for Inclusive and Sustainable Development,” attracted more than 500 participants, including regulators, policymakers, academics, entrepreneurs and faith leaders.
The event was graced by the National Chief Imam, His Eminence Sheikh Osmanu Nuhu Sharubutu, chaired by the President of the Ghana Catholic Bishops’ Conference, Most Rev. Matthew K. Gyamfi (represented by Dr George Baah-Danquah), and honoured by the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama (represented by Mr Franklyn Belnye).
Speakers explained that non-interest finance, which prohibits interest, speculation and unjust gains, provides a fair and transparent financial system built on risk-sharing, asset-backed financing and ethical principles.
Instruments such as Sukuk (non-interest bonds), Murabaha (trade finance), Ijara (leasing) and Musharaka (partnerships) were highlighted as viable options for funding Ghana’s infrastructure, small and medium enterprises (SMEs) and social projects.
Drawing on international case studies, experts cited Nigeria’s ₦1.4 trillion Sukuk-funded road projects, Malaysia’s global leadership in non-interest finance and the United Kingdom’s sovereign Sukuk issuance.
These examples, they argued, demonstrate that non-interest finance is not religion-specific but a universal model aligned with global standards of fairness, transparency and sustainability.
The conference urged the Bank of Ghana to finalise its regulatory framework and establish a National Financial Regulatory Advisory Council of Experts. Government was also encouraged to adopt Sukuk as an innovative financing tool for infrastructure, housing and healthcare under its ‘Big Push Agenda.’
Universities and training institutions were called upon to introduce specialised programmes to build expertise in ethical finance, while financial institutions were encouraged to design inclusive products for farmers, SMEs and households.
In his closing remarks, Dr George Baah-Danquah stated, “Finance is not merely about numbers or profits, it is about people, values and the common good.”
He stressed that non-interest finance should serve smallholder farmers, market women, young entrepreneurs and marginalised communities, ensuring equitable access within Ghana’s secular state.
The conference ended with a strong message: with its political stability, interfaith harmony and growing investment appetite, Ghana is uniquely positioned to become a regional hub for ethical finance in West Africa.
Stakeholders pledged to move beyond dialogue towards practical implementation, with the goal of making non-interest finance a catalyst for prosperity, inclusivity and national unity.
