• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Central Bank Mulls Sukuk Bonds to Bridge $37.9bn Infrastructure Gap, Deepen Ethical Finance

1 month ago
in Business, Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
1
257
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Central Bank Mulls Sukuk Bonds to Bridge $37.9bn Infrastructure Gap, Deepen Ethical Finance

The Central Bank is considering the introduction of Sukuk bonds as a credible, ethical alternative to traditional borrowing instruments, as part of ongoing efforts to close the country’s widening infrastructure financing gap, estimated at US$37.9 billion annually.

The move is being driven by the Bank of Ghana (BoG) under a broader agenda to establish a Non-Interest Banking and Finance (NIBF) system, aimed at enhancing financial inclusion and promoting ethical finance practices in the country.

Addressing religious leaders at a high-level stakeholder engagement in Accra, BoG Governor, Dr Johnson Asiama, described Sukuk as a viable financing mechanism that could offer Ghana a more sustainable path to infrastructure development amid tight fiscal constraints.

“In the face of fiscal constraints, innovative instruments such as Sukuk bonds offer a credible alternative to conventional debt,” said Dr Asiama.

Sukuk bonds differ from conventional bonds in that they are asset-backed and interest-free, consistent with Islamic finance principles. The instrument has gained traction globally, with countries such as South Africa and Nigeria using it to raise billions for infrastructure development.

In 2014, South Africa issued a US$500 million Sukuk, which was oversubscribed by four times. The country returned to the market in 2023 with a US$1.1 billion multi-tranche issuance. Nigeria, since launching its sovereign Sukuk programme in 2017, has raised approximately US$2.37 billion, financing the construction and rehabilitation of over 4,100 kilometres of roads and nine major bridges.

RelatedPosts

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah

Finance Ministry Backs New Fiscal Council to Anchor Discipline and Stability

2025 Study: Where High Earners Keep Most of Their Money 

BoG engages clergy on ethical finance reforms

The Governor emphasised that BoG considers the clergy a strategic partner in building public confidence in the ethical finance model. He noted that the engagement with religious leaders forms part of nationwide consultations towards establishing the necessary institutional, legal, and regulatory framework for NIBF in Ghana.

“This engagement forms a critical cornerstone of our broader reform agenda,” he remarked.
“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.”

Dr Asiama explained that Non-Interest Banking is not a novel experiment but a fast-growing global model with an estimated balance sheet size exceeding US$5.5 trillion as of end-2025.

The model operates on the basis of profit-and-loss sharing, partnership arrangements, and real asset-backed financing, and prohibits interest-based transactions and speculative activities.

NIBF as a driver of inclusive and ethical finance

According to Dr Asiama, NIBF promotes responsible investment, financial inclusion, and economic justice, while discouraging financing of industries such as alcohol, gambling, adult entertainment, and arms manufacturing.

“All financial transactions under NIBF must be backed by tangible assets or services, directly linking the financial sector to the real economy,” he stated.

The Governor cited examples of African countries like Kenya, Uganda, Tanzania, and Nigeria, which have developed NIBF frameworks to broaden financial access. Outside the continent, advanced economies including the UK, Malaysia, Singapore, Japan, and the Netherlands have also embraced the model to diversify their financial systems.

Dr Asiama called on the religious community to take an active role in supporting NIBF, urging them to become advocates for ethical finance and help shape a financial system that aligns with Ghanaian values and principles.

“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.

The Governor stressed that the successful rollout of NIBF in Ghana would require more than regulatory reforms — it demands collective ownership, trust, and moral leadership.

“This is our shared responsibility — one that demands inclusiveness, trust, and ethical commitment,” he concluded.

Tags: $37.9bn Infrastructure GapCentral BankCentral Bank Mulls Sukuk Bonds to Bridge $37.9bn Infrastructure GapDeepen Ethical Finance

Comments 1

  1. Amadu Barikisu says:
    1 month ago

    That’s good step to establish such financial institutions for the development and progress of the country Ghana.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

GoldBod Introduces Special Bonus for Licensed Miners

Thomas Partey in Top Form for Black Stars Amid Legal Challenges – GFA 

BoG Tightens Foreign Currency Import and Export Rules to Curb Money Laundering

BoG Reiterates Warning Against Unauthorised Foreign Exchange Transactions

GRA to Tax Cryptocurrency Gains as Authority Prepares Digital Tracking System

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

Trending

Business

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah

August 27, 2025

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah Ranking Member of...

Finance Ministry Backs New Fiscal Council to Anchor Discipline and Stability

August 27, 2025

2025 Study: Where High Earners Keep Most of Their Money 

August 27, 2025

GoldBod Introduces Special Bonus for Licensed Miners

August 27, 2025

Thomas Partey in Top Form for Black Stars Amid Legal Challenges – GFA 

August 27, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.