Ghana’s High Commissioner to Malaysia, Florence B. Akonor, has called on the country to reduce its over-reliance on Western economic models and instead draw lessons from Asia’s development success stories.

According to her, Ghana must learn from Malaysia’s discipline, policy consistency and long-term vision if it is to overcome its current economic challenges.

The remarks were made on the fourth day of an intensive five-day training and study tour in Kuala Lumpur, where Ghana’s top financial regulators are studying Malaysia’s globally acclaimed non-interest banking and finance ecosystem.

The mission, organised by the Islamic Finance Research Institute of Ghana (IFRIG), has brought together senior officials from the Bank of Ghana, the Securities and Exchange Commission (SEC) and the National Insurance Commission.

‘A Roadmap That Outlasts Governments’

Receiving the delegation at the Ghana High Commission, which also serves as Ghana’s diplomatic mission to the Philippines, Myanmar and several other countries in the region, Madam Akonor expressed appreciation that the team had chosen Malaysia as its destination.

She said Ghana should collaborate more closely with countries such as Malaysia, not only to learn technical policies but also to adopt a principled and consistent approach to economic governance.

According to her, Malaysia’s success has been built on a long-term national development roadmap that remains largely unchanged regardless of the government in power, a discipline she believes Ghana urgently needs.

“We need to look at countries like Malaysia and collaborate with them to get out of our current economic crisis. We must learn from their policies and their principled stance – a continued roadmap that does not deviate, irrespective of the government in power,” she said.

Her remarks resonated with the delegation at a time when Ghana is preparing to introduce non-interest banking, Sukuk bonds and Takaful insurance as part of a broader transformation of the country’s financial sector.

‘The Best Alternative to Solving Ghana’s Development Problems’

The High Commissioner’s call aligns with earlier comments by Ghana’s Deputy High Commissioner to Malaysia, Prof. Dr Naail Mohammed Kamil, who described non-interest banking as the best alternative to complement the country’s existing financial system.

According to him, the model discourages speculation, encourages productive economic activity and aligns finance with real assets, features he believes are essential for a developing economy.

“Non-interest banking is the best alternative to solving Ghana’s development problems. It discourages speculation, encourages productive economic activity and aligns finance with real assets,” he said.

Dr Ali Shaibu, Executive Director of IFRIG and leader of the delegation, said the purpose of the trip is to study Malaysia’s globally recognised success in non-interest banking and finance and apply the lessons to Ghana’s development agenda.

Ghana Ready to Roll Out Sukuk Bonds

The delegation also used the visit to signal Ghana’s readiness to attract investment into its emerging non-interest finance sector.

Professor John Gatsi, who led the Bank of Ghana team, said the country requires both advisory support and investment capital to deepen non-interest banking and finance.

The Director-General of the Securities and Exchange Commission, Dr James Klutse Avedzi, announced that Ghana is ready to introduce Sukuk bonds – non-interest-compliant investment instruments – and called on both local and international investors to participate.

“The framework is ready. The market is ready. We are calling on investors, both local and international, to buy into Ghana’s Sukuk bonds and guide us as we grow this sector,” he said.

Alhaji Attahiru Maccido, Executive Director of Trustmark Capital, disclosed that Ghana intends to issue Sukuk bonds domestically before targeting foreign investors, a phased strategy aimed at building confidence and capacity within the local market.

Learning from Malaysia’s Success

Malaysia has built one of the world’s most successful non-interest banking and finance ecosystems over the past four decades, transforming it from a niche offering into a major pillar of the national economy.

The country operates a dual-banking system in which conventional and non-interest financial institutions coexist, supported by centralised Shariah advisory structures and deep capital markets.

For Ghanaian regulators, Malaysia’s experience demonstrates how non-interest financial instruments can be used to mobilise capital for infrastructure and other strategic national projects.

Dr Avedzi noted that studying Malaysia’s success stories would help Ghana avoid potential pitfalls and strengthen its financial system.

Following the diplomatic engagement, the delegation proceeded to Bank Negara Malaysia and other financial institutions to observe licensing procedures, supervisory frameworks, consumer protection mechanisms and dispute resolution systems.

A Pivotal Moment for Ghana’s Financial Future

The programme, the first of its kind, is being held under the theme: ‘Strengthening Capacity in Ethical Finance, Financial Inclusion and Sustainable Economic Development’.

As Ghana prepares to fully integrate non-interest banking into its financial landscape, the mission marks a significant step towards building a more inclusive, ethical and sustainable financial system.

Participants are expected to return home equipped with practical insights and best practices from Malaysia’s successful non-interest banking and finance model and with a clear message from the High Commissioner: Ghana must look beyond the West, learn from Malaysia’s discipline and develop a national economic roadmap that transcends political administrations.