Ghana to introduce Islamic finance regulations by end of 2025 

Ghana will introduce its first comprehensive Islamic banking and finance regulations by the end of 2025, Professor John Gartchie Gatsi, Advisor to the Bank of Ghana (BoG), has disclosed. 

Speaking during a working visit to Malaysia, Prof Gatsi said the BoG, Securities and Exchange Commission (SEC), and National Insurance Commission (NIC) are collaborating to launch a unified framework across banking, capital markets, and insurance sectors. 

He said the initiative will cover non-interest banking, Islamic bonds (Sukuk), and Islamic insurance (Takaful), creating opportunities for both domestic and international investors. 

“The government sees strong potential for Islamic bonds to finance strategic projects in energy, agriculture, healthcare, telecommunications and IT – all sectors facing infrastructure deficits. The goal for the Islamic insurance market is to offer inclusive insurance products,” Prof Gatsi stated. 

He explained that Ghana’s Islamic finance strategy targets the broader economy, not only its 19.9 per cent Muslim population, and includes plans to join the Islamic Financial Services Board (IFSB) in 2026 to align with international standards. 

Ghana’s improving economic indicators, including a debt-to-GDP ratio of approximately 43 per cent and inflation above 12 per cent, are expected to boost investor confidence. 

Malaysian advisory firm Masryef has proposed a gold-backed Islamic bond for Ghana, leveraging the country’s mineral resources while addressing challenges from illegal mining. 

Prof Gatsi said the Central Bank would soon announce minimum capital requirements for institutions seeking licences in non-interest banking, Islamic insurance, and capital market activities. 

“The Central Bank is encouraging the formation of a committee of experts on Shariah finance transactions in the country and urging potential investors to prepare for minimum capital requirements that will be announced soon,” he stated. 

Last month, Dr Johnson Pandit Asiama, Governor of the Bank of Ghana, met with stakeholders including members of the clergy to discuss non-interest finance, a subject previously considered under two administrations between 2001 and 2012 

Source: GNA 

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