Ghana is eyeing the introduction of Sukuk bonds as an innovative and ethical alternative to conventional debt instruments to finance its widening infrastructure deficit.
The move is part of the Bank of Ghana’s broader push to establish a Non-Interest Banking and Finance (NIBF) system in the country, which could also boost financial inclusion and ethical finance practices.
Speaking at a high-level stakeholder engagement with religious leaders in Accra, Governor of the Bank of Ghana, Dr. Johnson Asiama, said the Sukuk bonds — which are a central instrument of NIBF — could offer a sustainable path to bridge Ghana’s pressing infrastructure financing gap, estimated at US$37.9 billion annually according to the United Nations.
“In the face of fiscal constraints, innovative instruments such as Sukuk bonds offer a credible alternative to conventional debt,” Dr. Asiama stated.
Sukuk bonds operate on asset-backed structures rather than interest-based loans and are already in use globally to finance major government and corporate projects.
Countries like South Africa and Nigeria have successfully mobilised billions of dollars through Sukuk to develop roads, bridges, and other infrastructure.
Sukuk as a Development Game Changer
Highlighting examples from across the continent, Dr. Asiama praised South Africa’s issuance of a US$500 million Sukuk bond in 2014, which was oversubscribed fourfold.
The country followed up in 2023 with a US$1.1 billion multi-tranche Sukuk issuance.
Nigeria has also leveraged Sukuk to impressive effect.
Since 2017, its sovereign Sukuk programme has mobilised approximately US$2.37 billion, resulting in the construction or rehabilitation of over 4,100 kilometres of roads and nine major bridges.
BoG engages clergy to shape NIBF rollout
The Governor made these remarks at a stakeholder engagement forum with members of the clergy — a critical segment the Bank considers vital to shaping a culturally sensitive and ethically grounded rollout of Non-Interest Banking in Ghana.
“This engagement forms a critical cornerstone of our broader reform agenda,” Dr. Asiama said. “The clergy have long been our partners in fostering financial literacy, and their influence, insight, and feedback are indispensable in building a system that reflects Ghanaian values.”
The engagement forms part of a nationwide consultation series aimed at laying the groundwork for the institutional, legal, and regulatory structures necessary for NIBF to take root.
Global Model with Local Promise
Dr. Asiama explained that Non-Interest Banking is not a new experiment but a growing global movement with a balance sheet size exceeding US$5.5 trillion as of the end of 2025.
It operates on principles that prohibit interest-based transactions and instead focuses on partnership arrangements, profit-and-loss sharing, and real asset backing.
“NIBF has had a high impact on sovereign and corporate project financing globally and has revolutionised microfinance delivery across jurisdictions,” he said.
The Governor pointed out that several African countries, including Nigeria, Kenya, Uganda, Tanzania, and South Africa, have already developed frameworks for NIBF to improve access to finance among unbanked populations. Beyond Africa, countries such as the UK, Malaysia, Singapore, Japan, and the Netherlands have embraced the model to diversify their financial ecosystems.
Ethical Finance for Inclusive Growth
At the heart of the NIBF model, according to Dr. Asiama, is a commitment to ethical and inclusive economic governance.
Unlike conventional banking, NIBF prohibits speculative transactions and interest-based lending, which he said helps avoid the moral hazards associated with debt accumulation.
“All financial transactions under NIBF must be backed by tangible assets or services, directly linking the financial sector to the real economy,” he explained.
“This encourages responsible investment and discourages speculation and financing of unethical industries such as alcohol, gambling, adult entertainment, and weapons.”
He described NIBF as a system that supports transformative economic justice, social responsibility, and shared prosperity — values that transcend religious or cultural lines and are particularly resonant in faith-based communities.
A call for shared responsibility
The Governor ended his address with a passionate appeal to the clergy to become advocates for ethical finance and help shape a just and inclusive financial future for Ghana.
“Today’s engagement is not merely symbolic — it is a call to action for collaboration, awareness creation, demystifying misconceptions, and commitment to give NIBF a chance to be nurtured within our banking and finance space,” he said.
Dr. Asiama stressed that the success of NIBF in Ghana would depend not only on policy and regulation but also on collective ownership and moral leadership.
He called on religious leaders to champion the model and ensure that Ghana’s financial system evolves in a way that balances profit with purpose.
“This is our shared responsibility — one that demands inclusiveness, trust, and ethical commitment,” he concluded.
