The National Democratic Congress (NDC) 2024 manifesto has made waves with its bold promise to establish Islamic banking and finance in Ghana and to secure membership for Ghana with the Islamic Development Bank, if elected into office in December 2024.
This strategic vision can be found on page 5, under the “Scaling Up of Revenue Mobilization” subheading, which is one of 13 key points. This policy proposal and a beacon of hope offer new avenues for growth, inclusivity, and financial innovation.
As an advocate and patron of Islamic finance for Ghana, and someone deeply committed to Ghana’s progress, I have pledged my support and vote for this groundbreaking initiative.
The NDC’s promise reflects a commitment to inclusivity and innovation. Islamic banking is not just for Muslims; its ethical finance and profit-sharing principles can appeal to individuals and businesses across all sectors of Ghanaian society. Furthermore, its potential to unlock new funding sources and create jobs could have far-reaching effects on Ghana’s economic development.
This policy resonates with my vision for a prosperous and equitable Ghana. By embracing this global financial model, we can position Ghana as a leader in Africa’s economic transformation. The NDC’s promise is not merely a manifesto pledge but a visionary move that can uplift countless lives and redefine our financial future.
As the election day approaches, I urge all advocates and patrons of Islamic finance in Ghana, especially leading figures such as Mohammed-Fawzi A. Amadu, Professor John Gartchie the dean of the University of Cape Coast Business School, Dr. Shaibu Ali the director of Islamic Finance Research Institute Ghana (IFRIG), all our pastors and imams, all student advocates, and all well-meaning Ghanaians to rally behind the NDC’s 2024 manifesto.
This is what we have been calling for over the past donkey years and the NDC manifesto has promised to give it on a silver platter. This is a straightforward opportunity for Ghanaians to taste the goodies of Islamic finance.
The time is now, and we can no longer wait. This visionary policy holds immense potential to promote financial inclusion, attract global investments, and drive sustainable economic growth. Hence, we should support this ground-breaking promise so that it can be implemented in our nation.
Benefits for Ghana
Attracting Investments: Ghana stands to benefit from significant investments from the Islamic Development Bank, countries in the Middle East, Asia, and other regions with established Islamic finance industries. These funds could boost infrastructure, agriculture, and other key sectors of the economy.
Ethical Finance: The focus on fairness and avoidance of speculative ventures aligns with the goals of sustainable economic development. This can build trust in the financial system and encourage responsible borrowing and lending.
Economic Diversification: By introducing Islamic banking, Ghana can diversify its financial sector, making it more robust and resilient to global economic shocks, which is also a Groundbreaking Step for Development.
I urge fellow Ghanaians to look closely at this revolutionary policy and the promise it holds for Ghana. A vote for the NDC manifesto is a vote for innovation, inclusivity, and progress. Let us seize this opportunity to build a stronger, more prosperous nation for all. And Allah knows best! May Allah make this sadatul jariyah for us, and may Allah continue to facilitate khayr.
The writer YAHAYA ILIASU MUSTAPHA is the Ghana representative of the Alhuda Centre of Islamic Banking and Economics, Dubai, and Islamic Banking and Finance patron and advocate 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 Winneba.
We would want to collaborate and partner with any persons or organizations who are willing to explore this field in Ghana and beyond.
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