Vice President Dr. Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), has stated that the credit score system he is proposing in Ghana will make it simpler for the average Ghanaian to buy necessities like vehicles and cell phones.
Additionally, he claims it will guarantee cheaper interest rates for loans taken out by Ghanaians.
He clarified that everything is now in place for Ghana to operate a credit scoring system, including the very important issuing of the Ghana Card, database mergers, and the exponential increase of financial inclusion following the success of mobile money interoperability.
“Among many benefits, the operation of a Credit Scoring system will make it easier for the ordinary Ghanaian to purchase essentials such as cars, mobile phones, obtain loans at lower interest rates,” he wrote on his Facebook page.
In most advanced nations, he explained, mobile phones can even be obtained for free from the phone companies with a two- or three-year contract, subject to your credit scoring system.
“Unfortunately, my opponents always think in terms of impossibilities and criticize without knowledge.
“I shared this and many more of my vision for Ghana’s future when I interacted with the good people of the Lambussie, Nandom, and Lawra constituencies yesterday as part of my constituency-focused nationwide campaign. Indeed, it is possible!” Dr. Bawumia wrote.