Ghana is one of Africa’s largest untapped Islamic finance markets. Despite the passing of a bill that allows Islamic Banking and Finance (IBF) activities in the country, there has still not been a full-fledged Islamic banking operation. Several factors, ranging from regulations to awareness of the whole Islamic finance system, are offered as being critical to the smooth operationalization of the IBF system. This paper, therefore, engages this on-going subject from a regulatory perspective. This paper analyzes two main legal issues, using sections one (1) to nine (9) of ‘The Banks and Specialised Deposit-Taking Institutions’ Act 2016, Act 930.’ The paper finds that while there has been a genuine commitment to providing the regulatory ambiance for IBF in Ghana, there is the need to intensify the efforts since Ghana has more to gain than to lose.