Over the last decade, trade between African countries and the rest of the world has grown significantly and, in particular, charting a 170% increase in trade with the GCC.
The ongoing shift by African countries from being aid-dependant to increasing trade and investment ties with the Middle East has positioned Islamic finance to play a key role in facilitating further increases in trade and investment flows between Africa and the Middle East.
The central bank of Ghana says it will consider giing a license for the regime of Islamic banking in the country if a formal request is made.
According to the governor of the Bank of Ghana (BoG), Mr Kwesi Amissah-Arthur, the Bank will consider such a regime if a “formal request is made”.
“For now there has been no request for us to consider Islamic banking from any group,” Amissah-Arthur told journalists in Accra December 21, 2011.