The flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, is set to launch a national credit score system today, November 7, 2024.

The new system is designed to empower Ghanaians by enabling them to make purchases on credit and pay in manageable installments, thus broadening access to financial resources for individuals and businesses alike.

Dr Bawumia first shared details of the credit score system during his recent visit to Yeji, a town in the Pru East District of the Bono Region.

He explained that the initiative is a key component of his broader economic strategy aimed at fostering a more inclusive financial system.

By introducing this system, he aims to ensure that all Ghanaians, regardless of their background, have the opportunity to engage in the economy more fully.

The Vice President emphasised that the credit score system would significantly improve economic accessibility, especially for individuals who have historically faced difficulties obtaining credit.

This new framework will enable financial institutions to assess creditworthiness more accurately, giving more Ghanaians a chance to benefit from loans and other financial services that are vital to personal and business growth.

He believes that the introduction of the credit score system is a bold move that will transform the financial landscape, allowing more people to invest in their future.

“That credit scoring system, every individual will have a credit score. Right now, our credit scoring system does not exist. So everybody is seen as risky and the interest rates are high. But we are going to move into individualised credit scoring. So if you don’t pay your loan, you have low credit scores, isn’t it? And if you go for a loan, you will have a problem.”