Dr. Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP) is set to launch a national credit score system today, November 7, 2024.
This pioneering initiative is expected to empower Ghanaians by enabling them to purchase goods on credit and make payments in manageable instalments, a major stride in broadening access to financial resources across the country.
Dr. Bawumia first disclosed details of the credit score launch during a recent visit to Yeji, a town in the Pru East district of the Bono Region.
During his visit, the Vice President emphasised that this credit score system represents a key element of his overarching vision for a more financially inclusive and economically empowered Ghana.
As part of his broader campaign platform, he has consistently advocated for bold, transformative policies that address everyday challenges faced by Ghanaians while enhancing their opportunities to thrive.
The Vice President’s announcement highlights his commitment to improving economic accessibility, particularly for individuals who traditionally face barriers in obtaining credit.
He believes the new credit score system will allow more Ghanaians to participate in the economy by establishing a means to track and assess creditworthiness, thus creating a framework that benefits both individuals and businesses.
“That credit scoring system, every individual will have a credit score. Right now, our credit scoring system does not exist. So everybody is seen as risky and the interest rates are high. But we are going to move into individualised credit scoring. So if you don’t pay your loan, you have low credit scores, isn’t it? And if you go for a loan, you will have a problem.”
Source: Citinews