The Managing Director of State Housing Company, Mr. Kwabena Appiah, has announced that the introduction of a credit scoring system in the housing industry has the potential to revolutionize the Ghanaian housing market. According to him, implementing such a system could significantly increase access to affordable housing finance for many individuals and families.
“Countries like the United States and the United Kingdom have successfully used credit scoring systems to facilitate housing finance, resulting in higher homeownership rates and improved financial inclusion,”
Mr. Appiah noted.
He emphasized that Dr. Bawumia’s proposal to introduce a credit scoring system in Ghana marks a significant step towards making housing more affordable and accessible to a broader population.
“This policy has the potential to streamline the loan approval process, reduce interest rates, and encourage responsible borrowing behavior among potential homeowners,”
Mr. Appiah explained.
“By adopting this system, Ghana can experience a positive transformation in the housing sector, ultimately leading to a more sustainable and inclusive housing market for all citizens.”
Mr. Appiah underscored the importance of supporting this initiative, stating,
“The implementation of a credit scoring system in the Ghanaian housing industry is a game changer that will have far-reaching benefits for both individuals and the economy as a whole. By following the successful examples of other countries and embracing Dr. Bawumia’s vision, we can pave the way for a more affordable and efficient housing market in Ghana.”
In conclusion, he called for collective support for this initiative to ensure a brighter future for housing finance in Ghana.
