Ghana positioned itself as an emerging player in Africa’s ethical finance landscape at the 2025 Global Ethical Finance Conference (GEFC) in London, where Dr Shaibu Ali presented the country’s roadmap for building a comprehensive non interest financial ecosystem.
The Director General of the Islamic Finance Research Institute of Ghana delivered what participants described as a highly engaging and well structured presentation on Africa’s fast shifting financial landscape. Speaking to an international audience of economists, regulators, scholars and industry leaders on November 22, he emphasized that Africa is steadily becoming a key frontier for ethical and non interest financial solutions.
Dr Ali noted that remarkable progress across the continent reflects growing demand, strong governmental interest and clear recognition that ethical finance can unlock new opportunities for development. He highlighted Nigeria’s leadership through multiple successful sovereign and state level Sukuk issuances, which attracted both domestic and international investors while channeling funds into critical infrastructure including roads, schools and hospitals.
Kenya and Uganda are preparing comprehensive frameworks to regulate Islamic banking and takaful, setting the stage for full participation in ethical finance. Senegal and Côte d’Ivoire have issued Sukuk to support large scale public infrastructure projects, demonstrating strong investor confidence in West Africa’s potential. South Africa has established enabling regulations for Islamic banking and capital markets, making it one of the most advanced environments for non interest finance in the region.
Fitri Lenniwati, referencing Islamic capital market performance trends, remarked that instruments like Sukuk between 2015 and 2024 clearly demonstrate capacity to strengthen corporate balance sheets and enhance funding options, particularly in emerging markets. Professor Maged Mamdouh Kamel Shebaita added that Sukuk provide a viable and ethical mechanism for bridging the infrastructure financing gap, noting that African jurisdictions building strong legal frameworks stand to benefit significantly from long term investor confidence.
Dr Ali positioned Ghana as part of this wider continental movement, acknowledging the country is still in early stages of building a non interest financial ecosystem. However, he stressed that interest, demand and engagement among policymakers is rising steadily. Ghana may be in the foundational phase, but the energy is real, the appetite is real, and the direction is clear, he stated while commending regulators, financial institutions and researchers pushing the agenda forward.
He reiterated the strategic relevance of non interest finance to Ghana’s economic aspirations, especially as many Ghanaians continue calling for ethical, risk shared, asset backed financial alternatives. For Ghana, ethical finance is not just a product niche but an opportunity to build resilience, deepen financial inclusion and attract new pools of capital, he explained.
Participants praised the depth and clarity of his presentation, noting that his analysis of both continental and national trends provided an important framework for understanding Ghana’s place in the global ethical finance ecosystem. His contribution strengthened Ghana’s visibility at the conference and highlighted the country’s readiness to align with global best practices.
The conference also featured contributions from international experts enriching the global conversation on ethical and Islamic finance. Dr David Wallace Hare addressed embedding Islamic ethics in organizational delivery, drawing attention to values based governance. Miss Brooke Thompson discussed Zakat legal uncertainty and barriers to financial inclusion, while Dr Christian Chaliid Hainsch delivered a session on Islamic leadership and business ethics.
Dr Ali concluded by reaffirming the Islamic Finance Research Institute of Ghana’s commitment to research, advocacy and capacity building as Ghana advances toward a full non interest financial framework. We are prepared to work with government, regulators and international partners to make Islamic and ethical finance a strong pillar of Ghana’s financial system, he said.
The 2025 GEFC, hosted at Oxford Prestige College with hybrid virtual participation, explored how ethical finance can shape responsible economic growth under the theme Ethical Prosperity Through Policy. The conference brought together experts in Islamic finance, sustainable development, Environmental Social and Governance considerations, policy innovation and financial technology.
Ghana’s Islamic Finance Research Institute has been at the forefront of advocacy efforts, conducting national surveys showing 98.4 percent of respondents expressing willingness to patronize non interest financial services if available. The organization regularly calls on the Bank of Ghana and Ministry of Finance to expedite release of regulatory frameworks for non interest banking, including robust licensing guidelines, governance standards and compliance mechanisms.
The current government pledged during the 2024 campaign to introduce Islamic banking options, with several commercial banks expressing interest in opening Islamic windows. IFRIG research shows awareness of non interest banking stands at 71.2 percent among Ghanaians, with 96 percent affirming the model has a future in the country.
Source: newsghana.com.gh
