The era of cash and carry will soon be a thing of the past as the government is set to launch a Credit Scoring System before the end of the year.
The system, when operational, will enable Ghanaians access personal loans for their businesses and also purchase items on hire purchase and pay overtime. The initiative will, among other things, help improve access to credit, especially for Small and Medium Enterprises, SMEs to expand their businesses, while deepening financial inclusion.
Vice President and Flagbearer of the NPP, Dr Mahamudu Bawumia, made these known when he addressed a stakeholders meeting at Ayawaso North and East Constituencies as part of his tour of the Greater Accra Region. He indicated that all modalities have been put in place to ensure a successful role and implementation of the Credit Scoring System.
Access to credit has been one major challenge for individuals and businesses in the country, coupled with the high interest rates charged on loans.
This is due to the lack of an effective and efficient system that will assess and determine the credit worthiness of borrowers. It is for this reason that the NPP government has over the years made a conscious effort to put in place the needed structures to help improve access to credit.
Dr Bawumia noted that the decision to leverage technology to introduce the Ghana card and the Digital Address System has set the tone for a smooth takeoff of a robust credit scoring system in Ghana.
Dr Bawumia indicated that through the digitalisation agenda, the government has successfully issued about 80 million cards to Ghanaians.
Dr Bawumia ended his campaign tour in the Ayawaso North and East Constituencies last night with a Youth Connect at Nima, where he shared his vision with the ecstatic party enthusiasts.