Dr. Mahamudu Bawumia, flagbearer of the New Patriotic Party (NPP), criticized the National Democratic Congress (NDC) for their skepticism and perceived inability to grasp the concept of his proposed national credit scoring system.
During his campaign tour in Hamile, Dr. Bawumia outlined his vision for a national individualized credit scoring system. This policy aims to enable Ghanaians to purchase goods, including mobile phones, on credit and pay in installments based on their credit scores. He argued that this system is commonplace in developed countries and would significantly benefit the working class in Ghana.
“When we say we want to do something, they always say it is not possible. But it is possible,” Dr. Bawumia declared.
He explained that in countries, it is standard practice for workers to buy items on credit, paying off the cost gradually. In contrast, Ghanaians are often required to pay the full amount upfront.
“In the developed countries like the UK, Germany, Japan, and the United States, workers buy most things on credit. You buy a fridge, you buy a television, you buy a car, and you buy a mobile phone, you pay small, small, small. But in Ghana, you have to pay it all. So I said Ghana has reached a stage where we are going to introduce a credit scoring system that allows our workers to also pay small, small, small.”
Despite the potential benefits, NDC communicators have ridiculed the policy, casting doubt on its feasibility and mocking Dr. Bawumia’s analogy of buying a mobile phone on credit. Dr. Bawumia hit back, accusing the NDC of failing to understand a system that is well-established in developed economies.
“They don’t understand some of these things and we are going to do it, and you can buy your mobile phone and pay small, small, small until you finish paying. And we will be introducing the credit scoring system,” he stated.
Dr. Bawumia also predicted that the NDC would eventually attempt to take credit for the policy once it proves successful, similar to their claims regarding the Free Senior High School education program.
“What I can assure you is that very soon, when the system starts working, you can be sure that the NDC will start to claim that it is they who introduced the system. They will claim that it is they who introduced the system just as they are claiming it is they who introduced Free Senior High School education.”
Dr. Bawumia reaffirmed his commitment to implementing the credit scoring system to provide Ghanaians with better access to credit for purchasing goods. He emphasized that this initiative would help alleviate the financial burden on workers and enable them to acquire necessary items through manageable payments.
As the campaign progresses, the proposed policy will likely remain a key point of contention between the NPP and NDC, highlighting the differing visions of the two parties for Ghana’s economic future.
