- Credit Scoring System to launch by year-end
- Improved access to credit for individuals and SMEs
- 80 million Ghana cards issued and Digital Address System established
- Initiative promotes financial inclusion and economic growth
Vice President and Flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, announced this development during a stakeholders’ meeting at Ayawaso North and East Constituencies as part of his tour of the Greater Accra Region. He assured that all necessary modalities have been put in place for the successful rollout and implementation of the Credit Scoring System.
Access to credit has long been a significant challenge for individuals and businesses in Ghana, exacerbated by high interest rates on loans. This is largely due to the lack of an effective system to assess and determine borrowers’ creditworthiness. To address this, the NPP government has made conscious efforts to establish necessary structures to improve access to credit.
Dr. Bawumia highlighted the importance of leveraging technology to introduce the Ghana card and Digital Address System, laying the groundwork for a robust credit scoring system. Through the digitalization agenda, the government has successfully issued approximately 80 million cards to Ghanaians.
The Credit Scoring System will revolutionize the way Ghanaians access credit, making it easier for SMEs to grow and contribute to the economy. With this system, borrowers will have a better chance of securing loans at reasonable interest rates.
Dr. Bawumia’s announcement was well-received by party enthusiasts during his campaign tour in the Ayawaso North and East Constituencies. He ended the tour with a Youth Connect event at Nima, where he shared his vision with the crowd.
The launch of the Credit Scoring System is a significant milestone in Ghana’s financial inclusion journey. It demonstrates the government’s commitment to harnessing technology to drive economic growth and development.
By providing a reliable means of assessing creditworthiness, the Credit Scoring System will reduce the risk associated with lending, making financial institutions more willing to provide credit to SMEs and individuals.
As Ghana moves towards a more digital economy, the Credit Scoring System will play a vital role in promoting financial inclusion and supporting entrepreneurship.
The successful implementation of the Credit Scoring System will have far-reaching benefits for Ghana’s economy, and Dr. Bawumia’s leadership in this initiative is a testament to his commitment to driving economic growth and development.
