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Dr. Mahamudu Bawumia, the New Patriotic Party (NPP) flagbearer, will introduce Ghana’s first national credit score system today, November 7, 2024. This groundbreaking initiative aims to enable Ghanaians to purchase goods on credit and make payments in installments, expanding financial accessibility across the country.
During a recent visit to Yeji in the Bono Region, Dr. Bawumia shared that the credit score system is a core part of his vision for a financially inclusive Ghana. He emphasized that the system would address common barriers to credit access by offering a reliable framework for evaluating creditworthiness.
Under this new system, each individual will be assigned a credit score, a feature that currently doesn’t exist in Ghana. This will help reduce interest rates by differentiating between high- and low-risk borrowers, which Bawumia believes will enhance economic opportunities and support local businesses.
“Everyone will have a credit score. Currently, our lack of a credit scoring system means everyone is perceived as risky, leading to high interest rates. With individualized credit scoring, those who fail to repay loans will have lower scores and face difficulties accessing future credit,” he explained.
The launch of this credit score system marks a significant step in Dr. Bawumia’s commitment to creating a more economically empowered Ghana, particularly for individuals who traditionally struggle to access financial resources.
