The 2024 Presidential Candidate of the incumbent New Patriotic Party (NPP) Dr. Mahamudu Bawumia has emphasized his commitment to implement a credit scoring system to boost economic growth and consumer spending.
For a while now, the Vice-President has been pledging to introduce the novel system which is rife in advanced countries.
As part of efforts to enhance job creation, the standard bearer is pledging to “use the Credit Scoring System to enable the average Ghanaian access basic needs through cheaper credit”.
The motive, the ruling party believes would enable Ghanaians “buy now, pay small, small” in a bid to “increase domestic demand, increase productivity and create jobs” in a rebounding economy.
The credit scoring system is a systematic method used by financial institutions to assess the creditworthiness of an individual or a business. To make such determinations, the lenders evaluate factors including the borrower’s payment history, credit utilization, and length of credit history, just to mention a few.
If adjudged creditworthy, borrowers are lent money to make purchases and pay overtime.
On the campaign trail, Dr. Mahamudu Bawumia has been reiterating his promise to realize a credit system which would allow Ghanaians to spend money when they want to and pay later.
Speaking at an event to mark International Youth Day last week, Dr. Bawumia said the government was “shifting from a cash-based system to a credit-based one, where credit scoring will enable lenders to make informed decisions”.
He added that the NPP government had moved a step forward by putting in place plans to “make it a reality by the end of the year”.
Source: Ghana/Starrfm.com.gh/103.5FM/Mitchell Asare Amoamah
