Vice President of the Republic of Ghana, Dr. Mahamudu Bawumia has revealed that government plans to introduce a nationwide credit scoring system in the coming month.
This would be aimed at enhancing access to purchasing items on credit for individuals and small businesses in Ghana.
Speaking during his tour of various regions, the Vice President emphasized the significance of this system in improving the standard of living and fostering responsible financial behavior.
Dr. Bawumia highlighted the disparities between Ghana and developed nations, where individuals can purchase items and pay in installments based on their credit worthiness.
“When you look at the countries abroad, their state of living is much more comfortable than ours. The reason being that they use a system called the Credit Scoring System. In the countries abroad, when you want to purchase an item, you go for it from the vendor and you pay in installments until payment is completed but not in Ghana. Every item must have ready cash to purchase it which makes life hard.”
Dr.Bawumia further stated that the foundations for the credit scoring system have already been laid through initiatives like the Ghana Card which will position the country to transition to a modernized credit-based economy, making life easier for Ghanaians.
“Everyone now has an identity, digital address, and mobile money account which can even serve as your bank account. So the key things have been addressed because the Ghana Card is linked to your mobile money account, bank account, DVLA, GRA, NHIS, and others.”
Dr. Bawumia emphasized that, this system will enable more people, especially small businesses and individuals, to access credit, allowing them to purchase goods and services in installments, a practice common in more developed countries.
The official launch of the credit scoring system is set for next month.
Story by: Joycelyn Glory | univers.ug.edu.gh
