The flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has defended his proposed credit score system in response to criticism from his opponents.
During a 3i Summit in May 2024, Dr. Bawumia emphasized the necessity of a functional individualized credit scoring system, supported by a digital identity and address for all citizens. He argued that this system would de-risk the financial ecosystem and reduce borrowing costs, pointing out that Africa is rapidly adopting digital technologies, with Ghana leading in mobile money and financial inclusion over the past seven years.
Despite the benefits he outlined, Dr. Bawumia’s proposal has faced criticism from some Ghanaians and politicians.
In a Facebook post, Dr. Bawumia expressed disappointment over the criticisms, stating that his opponents often fail to understand the context. He highlighted the significant progress made in issuing the Ghana Card, merging databases, and achieving mobile money interoperability, which he believes lays the groundwork for a credit scoring system.
Dr. Bawumia stressed that such a system would enable ordinary Ghanaians to access essential goods like cars and mobile phones, secure loans at lower interest rates, and even obtain free phones with a contract, similar to practices in advanced nations.
He urged his critics to consider the possibilities rather than focus on the limitations.