Dr. Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), is set to launch Ghana’s first national credit score system today, November 7, 2024.
This initiative, seeks to create greater financial inclusion.
It is expected to empower Ghanaians to purchase goods on credit and repay in manageable instalments.
By assessing individual creditworthiness, the system will help streamline access to loans and credit services, especially for those who currently face challenges in securing financing.
Bawumia announced this upcoming launch during a recent visit to Yeji, a town in the Bono Region’s Pru East district.
Emphasizing its significance, he described the credit score system as a key element of his vision to create a more economically empowered Ghana.
“That credit scoring system, every individual will have a credit score. Right now, our credit scoring system does not exist,” Bawumia said, stressed how this individualized approach could lower interest rates and provide borrowers with fairer access to credit.
According to Bawumia, the system will foster a culture of financial responsibility, where consistent repayment habits improve one’s score, while defaults may hinder future access to credit.
As part of his broader campaign platform, Bawumia has championed transformative policies targeting everyday challenges and promoting economic growth.
He believes the credit score system will boost opportunities for Ghanaians by creating a standardized and accessible framework for both individuals and businesses to assess creditworthiness.
