Credit scoring system will enable you to 'buy now, pay small small' — Bawumia

In a move aimed at transforming Ghana's financial sector, Vice President Dr Mahamudu Bawumia has announced his intention to introduce a comprehensive national credit system.

This initiative is part of a broader strategy to enhance financial inclusion, stimulate economic growth, and empower individuals and businesses nationwide.

Dr Bawumia made this announcement during the launch of the New Patriotic Party (NPP) manifesto launch at Takoradi in the Western Region on Sunday, August 18, 2024, where he outlined the importance of establishing a robust credit system that would provide Ghanaians with better access to financial resources.

He emphasised that the current financial infrastructure needs to evolve to support the aspirations of both individuals and enterprises.

The proposed credit system, Bawumia said is expected to have a wide range of benefits.

For individuals, it will facilitate easier access to loans for personal development, education, and housing.

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He said the government will use the credit scoring system to enable the average Ghanaian to access basic needs through cheaper credit that will aim to buy now, pay small, small.

According to him, the credit scoring system will increase domestic demand, increase production and create jobs.

For businesses, particularly small and medium-sized enterprises (SMEs), the system will provide the necessary financial support to expand operations, create jobs, and contribute to the overall economic growth of the nation.

Dr Bawumia highlighted that the credit system would be designed to be inclusive, ensuring that even those in the informal sector, who traditionally have been excluded from formal financial services, can benefit.

Dr Bawumia's announcement of a national credit system marks a significant step towards modernising Ghana's financial sector.

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