In a promising shift for Ghana’s economic landscape, the National Democratic Congress (NDC) has unveiled a transformative promise in their 2024 manifesto: the establishment of Islamic finance in Ghana and the nation’s membership in the Islamic Development Bank (IDB) if elected into government. This strategic vision, found on page 5 under the “Scaling Up of Revenue Mobilization” subheading, is one of 13 key points. It is not merely a policy proposal but a beacon of hope, offering new avenues for growth, inclusivity, and financial innovation.
A Leap Towards Financial Inclusivity
Islamic finance, rooted in fairness, transparency, and risk-sharing principles, represents a paradigm shift from traditional financial systems. Unlike conventional banking, which relies on interest-based transactions, Islamic finance operates on profit and loss sharing, asset-backed financing, and ethical investments. This approach aligns with the moral and ethical values of many Ghanaians and opens doors to a broader spectrum of financial services.
By incorporating Islamic finance into Ghana’s financial ecosystem, the NDC is championing financial inclusivity. This initiative promises to cater to a diverse range of financial needs and preferences, particularly for those who seek financial solutions in harmony with their values. The establishment of Islamic financial institutions will provide alternative pathways for saving, investing, and accessing credit, thereby enhancing financial inclusion for all Ghanaians.
Economic Diversification and Growth
Membership in the Islamic Development Bank (IDB) represents a significant milestone in Ghana’s economic journey. The IDB, an international financial institution that promotes economic development and social progress in member countries, will bring invaluable resources and expertise to Ghana. As a member, Ghana will gain access to a range of financial instruments, technical assistance, and development projects aimed at fostering sustainable economic growth.
This partnership is expected to stimulate investment in critical sectors such as infrastructure, education, and healthcare. By leveraging the IDB’s support, Ghana can accelerate its development agenda, create job opportunities, and improve the quality of life for its citizens. Furthermore, the collaboration with the IDB will foster innovation and technology transfer, empowering local businesses and entrepreneurs to thrive in a competitive global economy.
Strengthening Regional and Global Ties
Ghana’s accession to the IDB also underscores the nation’s commitment to strengthening regional and global partnerships. As a member, Ghana will join a network of countries dedicated to advancing shared economic and social objectives. This alignment not only enhances Ghana’s international standing but also opens doors for increased trade, investment, and diplomatic engagements.
The integration of Islamic finance principles aligns with global trends towards ethical and sustainable financial practices. By embracing this approach, Ghana positions itself as a forward-thinking nation ready to lead by example in promoting inclusive and responsible economic practices.
A Vision for a Brighter Future
The NDC 2024 manifesto is more than a blueprint for policy—it is a vision for a brighter, more inclusive future for Ghana. The establishment of Islamic finance and membership in the IDB reflect a commitment to innovative economic strategies that embrace diversity and drive sustainable development.
As Ghana embarks on this new chapter, there is palpable optimism about the opportunities that lie ahead. The promise of Islamic finance and IDB membership signals a transformative era, one where financial inclusivity, economic diversification, and global collaboration pave the way for lasting prosperity.
In this moment of hope, Ghanaians are encouraged to embrace the possibilities that lie ahead and unite in support of this visionary plan. Together, we can harness the potential of these new financial paradigms to build a thriving, equitable, and prosperous future for all.
And Allah knows best! “Praise be to Allah, in whose favour good deeds are accomplished” (Ibn Majah 3803).
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The writer is the Ghana representative of the Alhuda Centre of Islamic Banking and Economics, Dubai, and an advocate of Islamic Banking and Finance in Ghana. He holds a BSc. in Islamic Banking, Economics, and Finance from the International Open University, a BA in Political Science from the University of Ghana, and a Diploma in Education from the University of Education, Winneba. We are open to collaborating and partnering with any persons or organizations interested in exploring this field in Ghana and beyond.
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