Ghana’s Vice President, Dr. Mahamudu Bawumia is set to unveil a new national credit score system on Tuesday, November 7, marking what officials describe as a transformative step toward expanding financial accessibility across the country.
The initiative, which aims to enable Ghanaians to make purchases on credit and pay in instalments, is expected to broaden access to credit and support economic empowerment by establishing an individualised system to assess creditworthiness.
Speaking recently in Yeji, a town in the Bono Region, Dr. Bawumia highlighted the credit score system as a key element of his vision for a more financially inclusive Ghana. The Vice President said the system would allow citizens to build a credit history, reducing the financial sector’s tendency to view borrowers as risky and potentially lowering interest rates for responsible borrowers.
“Everyone will have their own credit score,” Dr. Bawumia said. “Right now, we don’t have this kind of system, so everyone is seen as a risk, leading to high interest rates. With this credit score, those who consistently repay their loans will enjoy better terms, while those who don’t may face higher borrowing costs.”
Dr. Bawumia, who is also the New Patriotic Party’s (NPP) flagbearer for the upcoming election, has championed policies to foster financial inclusion and tackle obstacles many Ghanaians face in accessing credit. The new credit scoring system, he believes, will make it easier for individuals and businesses to engage in the economy and stimulate growth at all levels.
The credit score system launch reflects Dr. Bawumia’s commitment to creating an environment where more Ghanaians can access credit and build secure financial futures, officials said.
Source:TheDotNews