Dr. Mahamudu Bawumia, flagbearer of the New Patriotic Party (NPP), is set to unveil Ghana’s first-ever national credit score system today, November 7, 2024.
This initiative seeks to provide Ghanaians with greater financial flexibility by enabling them to buy goods on credit and pay in affordable installments. The rollout of this system represents a groundbreaking development in Ghana’s financial sector, aimed at widening access to financial resources and strengthening economic empowerment.
Speaking recently in Yeji, a town in the Bono Region’s Pru East district, Dr. Bawumia highlighted the importance of this new credit system in his vision for a financially inclusive Ghana.
“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,” he said, explaining that the absence of credit scores has made it difficult for many Ghanaians to access affordable credit.
Dr. Bawumia further explained that this system would create a framework to evaluate individuals’ creditworthiness, which has been lacking in Ghana’s financial infrastructure. “We are going to move into individualised credit scoring,” he noted, adding that borrowers with strong repayment histories would have access to better loan conditions, while those with low credit scores may face challenges in securing future credit. “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: Ghana/Starrfm.com.gh/Mary Asantewaa Buabeng
