The flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has criticized his opponents for their comments on his proposed credit score system, which he plans to implement if elected president.
During the 3i Summit in May 2024, Dr. Bawumia emphasized the necessity of a personalized credit scoring system, supported by digital identity and addresses for all citizens.
He argued that this system would reduce financial risks and borrowing costs, noting Ghana’s leadership in mobile money and financial inclusion over the past seven years as Africa rapidly embraces digital technologies.
Despite criticism from some Ghanaians and politicians, Dr. Bawumia defended his proposal in a Facebook post, expressing disappointment that his opponents criticize without understanding the context.
“With the very significant issuance of the Ghana Card, the merging of databases and the exponential growth of financial inclusion following the success of mobile money Interoperability, all is now set for the operation of a Credit Scoring system for Ghana.
“Among many benefits, the operation of a Credit Scoring system will make it easier for the ordinary Ghanaian to purchase essentials such as cars, mobile phones, obtain loans at lower interest rates.
” In most advanced nations, mobile phones can even be obtained for free from the phone companies with a two or three year contract subject to your credit score. Unfortunately my opponents always think in terms of impossibilities and criticize without knowledge.
“I shared this and many more of my vision for Ghana’s future when I interacted with the good people of the Lambussie, Nandom and Lawra constituencies yesterday as part of my constituency-focused nationwide campaign. Indeed, it is Possible!,” he wrote.
He highlighted the significant progress made in issuing the Ghana Card, merging databases, and achieving mobile money interoperability, which pave the way for a credit scoring system.
Dr. Bawumia underscored that this system would allow ordinary Ghanaians to access essential goods like cars and mobile phones, secure loans at lower interest rates, and even obtain free phones with contracts, similar to practices in advanced countries.
He urged his opponents to focus on the possibilities rather than the limitations.