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Bawumia Announces Launch of Credit System for Ghana, Citing Improved Financial Inclusion and Lower Interest Rates

Apexnewsgh

Vice President Dr. Mahamudu Bawumia has announced that a credit system for Ghana will be launched in the next few months, aimed at improving financial inclusion and reducing high interest rates. Apexnewsgh reports

The system, which will assign individual credit scores, will be the second of its kind in sub-Saharan Africa.

Dr. Bawumia explained that in developed countries like the US and Japan, individual credit scores determine access to credit and interest rates. However, in Ghana, the lack of individualized credit scores has led to high interest rates and limited access to credit.

The Vice President revealed that the necessary data systems are now in place, including the Ghana Card, which has been linked to bank accounts, SIM cards, mobile money, DVLA, passports, SSNIT, and National Health Insurance. This infrastructure will enable the launch of individual credit scoring, with the Bank of Ghana having already licensed a credit bureau to oversee the process.

The introduction of the credit system is expected to revolutionize Ghana’s financial landscape, providing individuals and businesses with better access to credit and more competitive interest rates.

Dr. Bawumia believes with this launch, Ghana will join the ranks of countries with modern credit systems, promoting financial inclusion and economic growth.

However, the Vice President made the pronouncement during his engaging with the clergy and chiefs in Bolgatanga

Source: Apexnewsgh.com

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Ngamegbulam C. S

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