Vice President and NPP Presidential Candidate Dr. Mahamudu Bawumia has launched myCreditScore, a personalized credit reference and scoring system designed to improve access to credit for Ghanaians.
Backed by the Bank of Ghana, the new system allows individuals to demonstrate their creditworthiness transparently, facilitating easier access to loans and financial resources.
Dr. Bawumia emphasized that this launch, held in Accra on Thursday, marks a “momentous occasion” for building a dynamic credit economy that enhances financial inclusion and empowers citizens.
Addressing long-standing challenges in lending, Dr. Bawumia noted that myCreditScore will provide financial institutions with reliable data on borrowers’ debt profiles and repayment histories.
This, he believes, will reduce high lending risks and interest rates, a pressing need as Ghana’s non-performing loan (NPL) rate was reported at 24.3% in August 2024, peaking at 26.7% earlier in the year.
The Vice President highlighted that the new system aligns with international standards and will promote responsible borrowing while supporting economic resilience.
Dr. Bawumia also shared that pilot tests of the myCreditScore system have shown promising results, with an NPL ratio as low as 1.4%, compared to the national average of 20.7% in 2023.
He expressed optimism that this system would lead to more consistent credit evaluations, reduce defaults, and increase lender confidence, fostering greater access to credit for individuals and businesses.
He stressed the importance of sustainable economic growth, with trust in credit practices forming the backbone of financial stability.
Reflecting on the initiative’s roots, Dr. Bawumia recounted the journey that began with the 2007 passage of the Credit Reporting Act during his tenure as Deputy Governor of the Bank of Ghana.
Although stalled in 2009, he praised the current collaboration between the government and private sector, which revived the project.
Dr. Bawumia expressed gratitude to the Bank of Ghana and acknowledged local private sector contributions, calling this a testament to the potential of homegrown digital solutions to transform Ghana’s financial landscape.
