Ghana’s Vice President, Dr. Mahamudu Bawumia, has announced the government’s plans to introduce an individualized credit scoring system for all citizens by the end of 2024. This groundbreaking initiative is set to revolutionize the financial sector, making credit more accessible and affordable for individuals and businesses across the country.
Speaking at the International Youth Day celebration, themed “From Clicks to Progress: Youth Digital Pathways for Sustainable Development,” held at the Pentecost Convention Center in Kasoa, Dr. Bawumia emphasized the transformative potential of this new system. He described it as a “game-changer” for Ghana’s economy, which will allow lenders to assess creditworthiness based on individual credit histories rather than requiring collateral.
“This new system will unlock opportunities for individuals and small businesses to access credit, which will, in turn, fuel economic growth and create jobs,” Dr. Bawumia stated.
He explained that the shift from a cash-based economy to a credit-based one would enable lenders to make more informed decisions. For example, a newly trained hairdresser could purchase equipment on credit and repay in small installments over time, a system that would also benefit carpenters and other professionals.
Dr. Bawumia further highlighted that this shift would stimulate demand in the economy, leading to job creation as businesses expand to meet new needs.
“By developing a credit system, we are significantly increasing opportunities. This is a crucial part of our digitalization agenda, and we are fully committed to making it a reality by the end of 2024,” he affirmed.
