Bawumia to unveil National Credit Score System today
Accra, Ghana - Nov 7, 2024 - In a groundbreaking move, Dr. Mahamudu Bawumia, the New Patriotic Party's flagbearer, is set to introduce a national credit score system today, November 7, 2024. This innovative initiative aims to empower Ghanaians by enabling them to purchase goods on credit and make payments in manageable installments.
The credit score system, first announced during Bawumia's visit to Yeji in the Pru East district of the Bono Region, is a key element of his vision for a more financially inclusive and economically empowered 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. 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.”
As part of his campaign platform, Bawumia has consistently advocated for bold policies addressing everyday challenges faced by Ghanaians.
Benefits of the Credit Score System
- Enables individuals to purchase goods on credit with manageable payments
- Broadens access to financial resources across the country
- Establishes a means to track and assess creditworthiness
- Creates a framework benefiting both individuals and businesses
Bawumia emphasized that the current lack of a credit scoring system leads to high interest rates, as everyone is seen as risky. However, with individualized credit scoring, those who don't pay their loans will have low credit scores, making it harder to secure future loans.
Source: Lead News Online
