In a recent statement, the flagbearer of the New Patriotic Party (NPP), Vice President Dr. Mahamudu Bawumia, expressed his disappointment at the criticisms directed towards his proposal for a credit scoring system by opponents who he says lack understanding of its potential benefits to ordinary Ghanaians.
Dr. Bawumia highlighted that the system aims to provide easier access for citizens to purchase essentials such as cars and mobile phones, as well as secure loans at lower interest rates.
Describing the lack of knowledge surrounding the credit scoring system as ‘unfortunate’, Dr. Bawumia emphasized the transformative impact it could have on financial inclusion in Ghana. The Vice President underscored that with the extensive issuance of the Ghana Card, the merging of databases, and the surge in financial inclusion facilitated by mobile money interoperability, the groundwork has been laid for the implementation of a credit scoring system in the country.
“In advanced nations, mobile phones can even be obtained for free from phone companies under contracts subject to one’s credit score,” Dr. Bawumia elaborated.
He noted that the system would not only streamline financial transactions but also foster a culture of responsibility and trustworthiness among borrowers, thereby enabling more favorable lending terms for individuals seeking financial assistance.
Addressing critics who perceive his proposals as unrealistic, Dr. Bawumia reiterated his commitment to charting a path towards progress and innovation for Ghana. During his recent engagements in the Lambussie, Nandom, and Lawra constituencies as part of his nationwide campaign, he reiterated his vision for the country’s future, emphasizing the attainability of his goals.
Dr. Bawumia concluded his remarks by affirming, “I shared this and many more of my vision for Ghana’s future when I interacted with the good people… Indeed, it is Possible!” Undeterred by skepticism, the Vice President remains resolute in his advocacy for initiatives aimed at enhancing economic opportunities and facilitating financial empowerment for all segments of society.
By Vincent Kubi