An economist, Dr. Theo Acheampong has said the proposal by the Vice President Dr Mahamudu Bawumia to introduce a credit scoring system next year for citizens in Ghana makes sense.
He said that leveraging the Ghana Card to become the anchor of the credit system and, thereby, meet the ultimate goal of a personalized credit score must be supported.
Dr. Bawumia announced at the 57th congregation of the Kwame Nkrumah University of Science and Technology that Ghana will introduce a credit scoring system next year to allow Ghanaians access to personal loans and also help financial institutions control the allocation of risks and costs with their clients.
It was his view that the credit system would ensure discipline in the payment of loans.
“Ghana early next year will be introducing a credit scoring system for individuals. Every individual will have a credit score. Right now, our credit scoring system does not exist.
“So, everybody is seen as risky and the interest rates are high. But we are going to go into individualized credit scores. So, if you don’t pay your loan, you will have no credit score and you will have a problem when you go for a loan. But if you are diligent in paying your loans you get your high credit score and you are likely to get lower interest rates. This will bring more discipline,” he said.
Dr Bawumia’s policy proposal received flak from some analysts including a professor at the University of Ghana, Kobby Mensah who cast doubt on the ability to roll out such a policy.
In a post shared on X on November 28, 2023, Prof Mensah asked why the Ghana Card is not being used to acquire vehicles because there are garages in Ghana already.
“Are we not in Ghana? Are there no garages in Ghana? If the answers to these questions are yes, then the case is simple.
“Take your Ghana card to CFAO to pick up a Mercedes and let’s prove the theory,” he wrote
But in a write-up on his X platform, Dr Theo Acheampong said that “We must commend such policies. The policy debates have already started ahead of the 2024 elections, and some of us are here to interrogate them in detail and offer alternative pathways. It is our civic duty!”
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