Non-interest banking could unlock funding opportunities for SMEs, infrastructure – Dr. Asiama

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, says non-interest finance could help Ghana mobilise domestic and international capital for infrastructure, agriculture, housing, renewable energy and small business development.

He said financial instruments such as Sukuk, equity-based financing and other innovative products could provide additional funding channels to support the country’s development priorities.

Dr. Asiama made the remarks in an address delivered on his behalf by Prof. John Gatsi at the 5th IFRIG International Conference in Accra.

The conference, held under the theme, “Does Non-Interest Banking Belong to a Particular Group?”, explored the potential of non-interest finance to expand financial options and support economic development.

The Governor said the model offered opportunities to connect investors and financial institutions with projects that required long-term financing.

“Non-interest banking can mobilise significant domestic and international capital through instruments such as Sukuk (Non-interest bonds), equity-based financing, and other innovative products,” he said.

He expressed hope that the conference would help identify investment opportunities capable of supporting infrastructure, small and medium-sized enterprises, housing, agriculture and renewable energy projects.

Dr. Asiama also highlighted the growing international market for non-interest financial products, noting that global Sukuk issuance reached approximately US$291.4 billion in 2025.

He said the non-interest assets market was projected to reach US$10.5 trillion by 2030, with average annual growth of 9 per cent.

“The market also creates opportunities for sustainable and Green sukuk. Ghana must join the beneficiaries of non-interest financing instruments for the expansion of strategic infrastructure of the country,” he said.

The Governor noted that the Bank of Ghana had been working with the National Insurance Commission and the Securities and Exchange Commission to expand the range of financial instruments and products available to investors.

He said the development of non-interest finance could strengthen Ghana’s financial markets and create additional opportunities for investment in productive sectors.

Dr. Asiama further identified entrepreneurship, SME growth, long-term development financing and employment creation among the potential benefits of a well-developed non-interest banking sector.

He said the Bank remained committed to creating an enabling regulatory environment for the sector to complement conventional financial services and support Ghana’s economic transformation.