Natural polymers such as pectin have gained increased utilization in pharmaceutical and biotechnology sectors because they are affordable, easily accessible, nontoxic, and chemically modifiable, with the potential to be biodegradable and biocompatible. Musa paradisiaca (plantain) peels make up 30–40% of the overall weight of the fruit. The extraction of pectin from these residues can therefore be viewed as a possible waste of wealth. This study, therefore, focused on evaluating the suspending properties of pectin obtained from Musa paradisiaca (plantain) peels (through acid and alkaline extraction) and presented an alternative suspending agent in the pharmaceutical formulation of suspensions. The unripe peels of Musa paradisiaca were acquired and authenticated at the Department of Pharmacognosy, Faculty of Pharmacy and Pharmaceutical Sciences, Kwame Nkrumah University of Science and Technology (KNUST), Kumasi, Ghana. Pectin was extracted from the peels using both acid and alkaline extraction processes, respectively, characterized, and evaluated for its phytochemical properties. Different concentrations of the acid and alkaline pectin extracts were employed as a suspending agent in paracetamol suspensions, using acacia gum as a standard. The pectin yields obtained were 4.88% and 7.61% for the acid and alkaline extraction processes, respectively, while phytochemical screening revealed the presence of glycosides, tannins, saponins, and phenols in both extracts. The alkaline pectin extract recorded higher equivalent weight, degree of esterification, ash content, and crude content than the acid pectin extract, while FTIR identified similar functional groups in both acid and alkaline pectin extracts. The test suspensions reported significant differences ( P < 0.05) in flow rates, ease of redispersion, sedimentation volumes, and rates compared with acacia gum. Moreover, when the acid and alkaline pectin extracts were compared, significant differences ( P < 0.05) were observed in sedimentation rates and sedimentation volumes, suggesting that the extraction method may affect suspending properties. Ultimately, the alkaline pectin extract had better suspending properties than the acid pectin extract; however, they both can be used as an alternative to acacia gum as a suspending agent.