Every individual will have a credit score as Ghanaians can soon buy cars on credit with Ghana Card – Bawumia

Every individual will have a credit score as Ghanaians can soon buy cars on credit with Ghana Card – Bawumia

Vice-president Mahamudu Bawumia said that Ghanaians would soon be able to buy cars on credit thanks to the Ghana Card and the nation’s economic digitization.

Talks in that regard are currently underway, he said on November 24 at the 57th Kwame Nkrumah University of Science and Technology (KNUST) assembly.

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Solar Taxi is one such company that, according to Bawumia, has agreed to carry out the proposal. He said that a Ghana Card would be sufficient for a buyer to finish the transaction.

Moreover, Bawumia stated that by the next year, a personal credit score would be implemented and made public.

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The system aims to eradicate the lack of trust that has been driving up operating costs in the financial industry, promote stability, and provide each individual with a secure credit history.

It will take a few Ghanaian automakers, most notably Solar Taxi, to allow people to purchase cars on credit, he added. “The Ghana Card will also become the anchor for a credit system in Ghana.” You just need to present your Ghana card at the time of the transaction to receive a car, which you will then pay for over time.

Ghana is set to implement a credit scoring system for individuals in the upcoming year. Every individual will have a credit score. Right now our credit scoring system does not exist so we are seen as risky,” He said