{"id":247611,"date":"2024-11-07T20:05:39","date_gmt":"2024-11-07T20:05:39","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/11\/07\/bawumia-to-launch-ghanas-first-national-credit-score-system\/"},"modified":"2024-11-07T20:05:39","modified_gmt":"2024-11-07T20:05:39","slug":"bawumia-to-launch-ghanas-first-national-credit-score-system","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/11\/07\/bawumia-to-launch-ghanas-first-national-credit-score-system\/","title":{"rendered":"Bawumia to launch Ghana&#8217;s first national credit score system"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/979\/97987210.295.jpg\" alt=\"Vice President, Dr. Mahamudu Bawumia\" title=\"Vice President, Dr. Mahamudu Bawumia\" width=\"295\" height=\"162\" \/> <span class=\"image_caption\"><span>Vice President, Dr. Mahamudu Bawumia<\/span><\/span><\/p>\n<\/div>\n<div style=\"-webkit-user-select: none; -webkit-touch-callout: none; -moz-user-select: none; -ms-user-select: none; user-select: none;\">\n<p id=\"article-123\">The flagbearer of the ruling New Patriotic Party (NPP), Dr. Mahamudu Bawumia, will launch Ghana\u2019s first national credit score system today, Thursday, 7 November 2024.<\/p>\n<p>This landmark initiative aims to expand access to credit by giving Ghanaians the ability to purchase goods on credit and make flexible, instalment-based payments, a significant step towards financial inclusion and economic empowerment.<\/p>\n<p>Speaking recently in Yeji, Bono Region, Dr. Bawumia described the new system as a cornerstone of his vision for a financially inclusive Ghana.<\/p>\n<p>The credit score system, he explained, will provide a reliable way to assess an individual&#8217;s creditworthiness, helping those previously excluded from financial services to gain fair access.<\/p>\n<p>\u201cThat credit scoring system, every individual will have a credit score. Right now, our credit scoring system does not exist. So everybody is seen as risky and the interest rates are high,\u201d he said. \u201cBut we are going to move into individualised credit scoring. So if you don\u2019t pay your loan, you have low credit scores, isn\u2019t it? And if you go for a loan, you will have a problem,\u201d Dr. Bawumia stated.<\/p>\n<p>Currently, high interest rates are common due to the lack of credit assessment infrastructure, which results in most individuals being perceived as high-risk borrowers.<\/p>\n<p>By implementing individualized credit scores, Dr. Bawumia aims to address these high costs and promote responsible lending and borrowing practices.<\/p>\n<p>Each person\u2019s credit score will be based on their payment history, creating incentives for timely repayments while offering lenders a tool to better evaluate credit risk.<\/p>\n<p>Throughout his campaign, Dr. Bawumia has emphasised policies that address daily financial challenges for Ghanaians.<\/p>\n<p>This new system, he asserts, will not only enable more citizens to participate in the economy but will also foster trust within the financial sector.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Vice President, Dr. Mahamudu Bawumia The flagbearer of the ruling New Patriotic Party (NPP), Dr. Mahamudu Bawumia, will launch Ghana\u2019s first national credit score system today, Thursday, 7 November 2024. This landmark initiative aims to expand access to credit by giving Ghanaians the ability to purchase goods on credit and make flexible, instalment-based payments, a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":247612,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-247611","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bawumia to launch Ghana&#039;s first national credit score system - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/11\/07\/bawumia-to-launch-ghanas-first-national-credit-score-system\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bawumia to launch Ghana&#039;s first national credit score system - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Vice President, Dr. Mahamudu Bawumia The flagbearer of the ruling New Patriotic Party (NPP), Dr. Mahamudu Bawumia, will launch Ghana\u2019s first national credit score system today, Thursday, 7 November 2024. 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