Dr Mahamudu Bawumia, Vice President of Ghana and flagbearer of the New Patriotic Party (NPP) has proposed a new credit scoring system that he believes will significantly improve Ghanaians’ ability to purchase essential items such as cars and mobile phones.
In a recent statement, Bawumia emphasized that the system would facilitate lending access at lower interest rates.
In his announcement on Facebook, Bawumia outlined that the credit scoring system would build on the success of the Ghana Card issuance and the growth of financial inclusion driven by mobile money interoperability. He stated, “The introduction of a Credit Scoring system will simplify the process for Ghanaians to acquire essentials and secure loans at more favourable rates.”
Bawumia compared Ghana to advanced economies, where mobile phones are often provided at no initial cost with a multi-year contract based on credit scores. He expressed optimism that such advancements could be replicated in Ghana.
Addressing his critics, Bawumia asserted that his opponents tend to focus on scepticism rather than the possibilities of such initiatives. He reiterated his commitment to transformative policies during a recent campaign event in the Lambussie, Nandom, and Lawra constituencies, stating, “Indeed, it is possible!”
The proposed credit scoring system aims to leverage Ghana’s existing infrastructure and technological advancements to enhance financial accessibility and economic opportunities for ordinary citizens.
