Ghana has been urged to embrace non-interest finance as a bold step toward inclusive growth, sustainable development, and global investor confidence.
This call was made at the 4th Islamic Finance International Conference (IFIC 2025), held at the Accra International Conference Centre on Saturday, September 27.
The conference, themed “Non-Interest Finance as a Catalyst for Inclusive and Sustainable Development,” brought together more than 500 participants, including regulators, policymakers, academics, entrepreneurs, and faith leaders.
It 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 honored by the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama (represented by Mr. Franklyn Belnye).
Speakers highlighted how non-interest finance, which prohibits interest, speculation, and unjust gains, offers a fair and transparent 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 presented as viable tools to fund Ghana’s infrastructure, SMEs, and social projects.
Drawing lessons from global case studies, experts showcased Nigeria’s ₦1.4 trillion Sukuk-funded road projects, Malaysia’s leadership in Non-interest finance, and the United Kingdom’s sovereign Sukuk issuance. These examples, they said, prove that non-interest finance is not religion-specific but a universal model that resonates with global standards of fairness, transparency, and sustainability.
The conference called on the Bank of Ghana to finalize its regulatory framework and establish a National Financial Regulatory Advisory Council of Experts, while urging government to adopt Sukuk as an innovative financing tool for infrastructure, housing, and healthcare under the “Big Push Agenda.” Universities and training institutions were encouraged to introduce specialised programs to build expertise in ethical finance, and financial institutions were tasked to design inclusive products for farmers, SMEs, and households.
In his closing remarks, Dr. George Baah-Danquah noted that “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 the smallholder farmer, the market woman, the young entrepreneur, and marginalized communities, ensuring equitable access in Ghana’s secular state.
The conference concluded with a strong message: Ghana, with its political stability, interfaith harmony, and growing investment appetite, is uniquely positioned to become a regional hub for ethical finance in West Africa. Stakeholders pledged to move beyond dialogue to concrete implementation, ensuring that non-interest finance becomes a catalyst for prosperity, inclusivity, and national unity.
