Vice President Dr. Mahamudu Bawumia has revealed plans for Ghanaians to access credit and purchase cars using the Ghana Card and the ongoing digitalization of the economy. During the 57th Congregation of the Kwame Nkrumah University of Science and Technology (KNUST) on November 24, he announced ongoing discussions with local automobile companies, including Solar Taxi, to facilitate this initiative.
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According to asaaseradio.com, Bawumia went on to say, "The Ghana Card will also become the anchor for a credit system in Ghana, and it will take a couple of car manufacturers in Ghana, notably Solar Taxi, to give cars on credit to people." He made it clear that the Ghana Card would be the only requirement for transactions, allowing people to purchase cars and make payments over time.
In addition, the vice president revealed that starting in 2024, a personal credit score would be implemented. The objectives of this system are to lower operating costs, handle trust concerns, improve the financial industry, give people access to a reliable credit history, and encourage sound financial management. "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 added.
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