The Securities and Exchange Commission (SEC) has announced its full readiness to regulate non-interest capital market products, including Sukuk, as Ghana advances toward the national rollout of non-interest banking and finance.
Speaking at the opening session of the Bank of Ghana’s Non-Interest Banking and Finance Training Programme in Accra, the Acting Director-General of SEC, Dr. James Klutse Avedzi, underscored the Commission’s commitment to developing a transparent, credible, and well-regulated market capable of supporting Ghana’s long-term financing needs.
Dr. Avedzi commended Professor John Gatsi, Advisor to the Governor of the Bank of Ghana on Non-Interest Banking, for leading the national effort to introduce a new, ethical financial model into Ghana’s broader economic ecosystem. He also acknowledged the presence of regional facilitators and industry stakeholders, describing their participation as “a crucial signal that Ghana is fully entering the global non-interest finance sphere.”
Dr. Avedzi revealed that SEC is preparing detailed guidelines to regulate the issuance and trading of Sukuk, non-interest, asset-backed financial instruments widely used in Asia, the Middle East, and parts of Africa to finance large-scale infrastructure.
“We are preparing our staff to ensure that we come out with guidelines which will guide the issuance of Sukuk and how we regulate that sector,” he stated.
This move will allow Ghanaian corporates, state agencies, and special project vehicles to raise long-term capital without relying on conventional interest-bearing debt instruments.
Highlighting Ghana’s vast infrastructure deficit, Dr. Avedzi stressed that the country must diversify its financing options, especially given the limited fiscal space. He pointed to regional examples such as the multi-lane expressways linking Abidjan to major Ivorian cities as evidence of what sustained infrastructure financing can achieve.
Ghana, he noted, still lacks a continuous dual-carriage highway between any two major cities, underscoring the need for alternative funding tools like Sukuk to support national development.
“Financing must match our development ambitions. Non-interest finance offers a viable pathway,” he said.
The Acting Director-General emphasised that SEC’s core mandate. ensuring market integrity, investor protection, and efficient growth fits naturally with the introduction of non-interest capital market products.
He noted that Ghana already has a functioning ecosystem of traditional collective investment schemes, mutual funds, and market intermediaries, which will be complemented, not replaced, by Sukuk and other non-interest instruments.
Dr. Avedzi encouraged participants, drawn from banking, insurance, academia, and regulatory institutions to absorb the technical training provided, as Ghana positions itself as a credible destination for ethical and non-interest financial products.
“Learn something here and be ready. Ghana must be fully prepared for the opportunities this new system will bring,” he urged.
He expressed optimism that the workshop would achieve its objectives of strengthening capacity and preparing institutions to supervise and operate within the upcoming regulatory framework.
As Ghana moves toward the formal introduction of non-interest banking in 2026, SEC’s role in the capital market dimension is expected to be pivotal. The development of Sukuk guidelines is projected to create new financing windows for infrastructure, corporate expansion, and public-sector projects, reducing reliance on conventional borrowing while expanding investor participation.
Dr. Avedzi assured that the Commission is “ready to support this transition”, positioning Ghana’s capital markets to compete within Africa’s rapidly expanding non-interest finance landscape.
