Bawumia to Commission Ghana's First Credit Score System Today

The New Patriotic Party flagbearer, Dr. Mahamudu Bawumia, will today, November 7, 2024, launch Ghana's first-ever credit score system. This will reset how Ghanaians access credit and unlock the path for more financial inclusion and economic empowerment.

With this new credit score initiative, the Ghanaian people will now have the capacity to make purchases on credit, such that they pay in installments. Dr. Bawumia first announced the plan for this innovation during a visit to Yeji in the Pru East district of the Bono Region and explained its relevance within his bigger vision of a financially inclusive Ghana.

Presently, financial institutions consider many Ghanaians as high-risk borrowers because there has been a lack of individual credit history in the system. This system will introduce an identity that is uniquely attributed to a citizen in respect of their credit score, based on their behavior in paying back loans. This, according to Dr. Bawumia, will ensure that those with good credit ratings consequently have lower interest rates, while those who cannot fulfill their obligations will have to be subjected to higher interest rates or even have curbing in the quantum of further loans that can be granted to them.

This turns creditworthiness into a standard way of analyzing loan recipients, and it thus opens up more opportunities for the small businessperson, students, or even the ordinary Ghanaian to be more confident in the economy. This system does not only guarantee access to loans but also aims at contributing to the efficiency and robustness of Ghana's financial system in promoting responsible borrowing and building a culture of financial responsibility.