Dr. Atuahene Makes 10 Proposals to Makes the Establishment of Islamic Banking Fit-for-Purpose

Amid the ongoing efforts of the government and the Bank of Ghana to establish Islamic form of banking in Ghana, banking and financial consultant, Dr. Richmond Atuahene, has mapped out a comprehensive set of policy recommendations to ensure the establishment of a credible and sustainable Islamic banking system in Ghana.

This proposal from the banking and financial consultant follows his research on Islamic banking titled, “Potential Challenges and Issues facing the establishment and operationalization of Islamic Banking System-: ‘A Case of Ghana’- Policy Recommendations.”

The detailed work copied to The High Street Journal discussed the challenges the government is likely to face with lesson from other countries such as Nigeria. However, the banking expert did not leave the challenges hanging. He proposes detailed policy recommendations for the consideration of the authorities.

His roadmap stresses the need for legal reforms, human capital development, and mass awareness to make Islamic banking truly fit-for-purpose.

A Nigerian-Style Roadmap

Dr. Atuahene urges the Government and Bank of Ghana to replicate Nigeria’s successful Islamic banking model, which began with a legal framework in 1991 before licensing its first bank in 1996.

Ghana, he argues, must develop a clear five-year roadmap anchored on law, Shari’ah-compliant products, financial inclusion, and partnerships with global Islamic institutions.

“Ghana must develop roadmap for Islamic banking  focusing on building a robust legal and regulatory framework, developing Shari’ah-compliant products and instruments, promoting public awareness and capacity building for professionals, fostering financial inclusion for the unbanked, and strategically positioning Ghana as a continental hub for Islamic finance through initiatives like sukuk and partnerships with international Islamic financial institution,” the document indicated.

Strengthening Legal and Regulatory Frameworks

Parliament must amend existing laws such asthe BSDI Act 2016, Bank of Ghana Act, and NBFI Act to create a solid legal foundation for non-interest banking. Without this, Islamic banking risks operating in a legal vacuum.

“Enacting a comprehensive legal framework and distinct regulatory acts is crucial for proper oversight and governance. The Parliament should amend the existing BSDIs Act 2016 Act 930, Bank of Ghana Act 2002 (612) Amendment Act 2016 Act 918; NBFI Act 2008 Act 774 which are critical for Islamic banking system in Ghana,” Dr. Atuahene noted.

Building Human Capital for Islamic Finance

Dr. Atuahene stresses the need for structured capacity-building strategies to train bankers, regulators, accountants, and Shari’ah experts. Universities, professional bodies, and regulators must collaborate to develop courses, certifications, and research programs in Islamic finance.

The financial expert says the Bank of Ghana must make “Islamic financing course a part of business administration programs and related programs and offering fully fledged certificates, diploma and degree programs in the higher institutions of learning.”

 Driving Public Awareness and Education

Public education is key to dispelling misconceptions that Islamic banking is “only for Muslims.” He calls for nationwide campaigns led by the Bank of Ghana, Ministry of Finance, and religious bodies, and even recommends including Islamic finance in school curricula.

“The Ministry of Finance and Bank of Ghana should play a leading role in bringing together all stakeholders to a forum in order to discuss ways of improving public awareness at all levels. Conducting extensive public awareness campaigns by Ministry of Finance and Bank of Ghana through media and public forums to educate people about the principles and benefits of Islamic banking is recommended,” he added.

Collaboration with Religious Bodies

Given Ghana’s religious diversity, the success of Islamic banking hinges on cooperation between Muslim and Christian leaders. The Chief Imam, Catholic Bishops, Christian Council, and Pentecostal churches should all be engaged to promote acceptance and trust.

He believes that, “religious bodies (Muslim and Christianity) need to be involved in the public campaign for the establishment of Islamic banking in Ghana.”

Promoting Strong Corporate Governance

To avoid governance failures witnessed in conventional banking, Dr. Atuahene emphasizes transparency, accountability, and adherence to Shari’ah principles as non-negotiables for building public confidence in Islamic banks.

He noted that, “Insistence on good corporate governance as being currently pursued should be sustained in order to enhance transparency and accountability which promotes efficiency and effectiveness of the entire system for the achievement of macro-economic stability.”

Clear Shari’ah-Aligned Guidelines

The Bank of Ghana and government must provide unambiguous, detailed guidelines for Islamic banking operations. This will ensure compliance with Shari’ah principles while protecting consumers and investors.

Inclusive Stakeholder Collaboration

The government, private sector, and regulators must work together to craft and implement effective policies for Islamic banking. Joint forums and stakeholder dialogues will ensure inclusivity and consensus-building.

Judicial Support and Fairness

Dr. Atuahene insists the judiciary must be empowered to adjudicate disputes related to Islamic finance fairly and without bias. Constitutional backing, he adds, should be clear and enforceable.

The Bottomline

With strong political will and the right frameworks, Ghana could establish itself as a continental hub for Islamic finance, unlocking fresh investment flows through instruments like Sukuk while advancing financial inclusion.

Dr. Atuahene’s roadmap provides Ghana with a chance not just to establish Islamic banking, but to do so in a way that is credible, inclusive, and transformative for the wider financial sector. With these recommendations, the finance and banking expert believes that, Ghana can position itself as a hub for Islamic finance on the continent, unlocking new opportunities for financial inclusion and economic transformation.

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