Dr. Mahamudu Bawumia, flagbearer of the New Patriotic Party (NPP), is set to launch a national credit score system today, November 7, 2024.
This groundbreaking initiative aims to empower Ghanaians by enabling them to buy goods on credit and pay in manageable installments, marking a significant step towards expanding access to financial resources nationwide.
Bawumia initially shared 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 emphasized that the credit score system is a central element of his vision for a more financially inclusive and economically empowered Ghana. As part of his broader campaign platform, he has consistently championed bold, transformative policies to address the everyday challenges of Ghanaians and to enhance their opportunities for success.
This announcement reflects the Vice President’s commitment to improving economic accessibility, particularly for those who have historically faced barriers to obtaining credit.
He believes that the new credit score system will enable more Ghanaians to participate in the economy by establishing a means to track and assess creditworthiness, 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.”
