Ghana announces credit scoring system and newborn Ghana Card initiative

November 27, 2023
Ghana announces credit scoring system and newborn Ghana Card initiative
Vice President Mahamudu Bawumia

In a groundbreaking announcement, Vice President Dr revealed that Ghana is set to implement a credit scoring system in the coming year.

The system aims to enable Ghanaians to access personal loans while allowing financial institutions to better control the allocation of risks and costs with their clients.

Dr. Bawumia made this disclosure at the 57th congregation of the Kwame Nkrumah University of Science and Technology.

According to the Vice President, the credit scoring system will introduce individualized credit scores for every citizen, fostering discipline in loan repayments.

He explained, “If you don't pay your loan, you will have no credit score and you will have a problem when you go for a loan. But if you are diligent in paying your loans, you get a high credit score and you are likely to get lower interest rates. This will bring more discipline.”

Dr Bawumia highlighted the current absence of a credit scoring system, leading to everyone being perceived as risky and resulting in high-interest rates. The new approach aims to provide a more nuanced evaluation of creditworthiness based on an individual's payment history.

Additionally, Dr. Bawumia announced a new initiative wherein Ghana cards will be issued to babies at birth, starting next month. This move is part of an integration effort involving the Ghana Health Service, the Birth and Death Registry, and the National Identification Authority.

The Vice President emphasized the importance of this initiative in ensuring proper identification of children from birth.

During the announcement, Dr Bawumia also addressed the government's commitment to completing the Teaching Hospital, acknowledging the demands of various initiatives on .

He reassured the management of the Kwame Nkrumah University of Science and Technology (KNUST) of the government's unwavering support to enhance infrastructure and facilities.

The Vice-Chancellor of KNUST, Prof. Rita Akosua Dickson, urged graduates to continue adding value to themselves at every opportunity, emphasizing that “sometimes imperfect changes add up to big results.”

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