GHANA CARD WILL SERVE AS CORNERSTONE FOR A CREDIT SYSTEM IN GHANA – DR. BAWUMIA
Dr Mahamudu Bawumia,Vice President and Flagbearer for NPP in the coming election has asserted that Ghanaians will soon use the Ghana card to purchase cars on credit and pay in installments.
He made this assertion while addressing the 57th Congregation of the Kwame Nkrumah University of Science and Technology (KNUST).
According to him, the initiative was part of the ongoing digitalization efforts within the economy and there are ongoing discussions with local automobile companies, including Solar Taxi, to facilitate this program.
“The Ghana Card will serve as the cornerstone for a credit system in Ghana, with plans for selected car manufacturers, particularly Solar Taxi, to offer cars on credit to individuals,” the news website quotes Bawumia as saying.
He emphasized that the Ghana Card would be the sole requirement for these transactions, allowing people to acquire cars and make payments over time.
Additionally, the vice president revealed intentions to introduce a credit scoring system for individuals in 2024. This system aims to establish a reliable credit history for individuals, bolster the financial sector, address trust concerns, reduce business costs, and promote financial discipline.
“Ghana will be implementing a credit scoring system for individuals next year. Every individual will be assigned a credit score.
Currently, our credit scoring system is non-existent, leading to perceptions of risk. This initiative will change that,” the Vice President declared.
