Dr. Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), is set to launch a national credit score system today, November 7, 2024, marking a significant milestone in Ghana’s financial landscape.
This innovative initiative aims to empower Ghanaians by allowing them to purchase goods on credit and repay in manageable installments, thus enhancing access to financial resources across the country.
Bawumia first revealed details of the credit score system during a visit to Yeji in the Pru East district of the Bono Region.
He emphasized that this system is a crucial part of his broader vision for a more financially inclusive and economically empowered Ghana.
As part of his campaign, Bawumia has consistently advocated for transformative policies that address everyday challenges and create more opportunities for Ghanaians to thrive.
He believes the new credit score system will help bridge the gap for individuals who traditionally face challenges in accessing credit, enabling them to track and improve their creditworthiness.
“With this system, every individual will have a credit score,” Bawumia explained. “Currently, we don’t have a credit scoring system, so everyone is seen as risky, and interest rates are high.
But with individualised credit scoring, if you don’t repay your loan, your credit score will be low, which will impact future borrowing.”
This system is expected to enhance financial inclusion, providing both individuals and businesses with greater opportunities to access credit and participate in the economy.
