Ghana plans to implement a credit scoring system next year to provide Ghanaians with access to personal loans while also assisting financial institutions in controlling risk and cost allocation with their consumers.
Vice President Dr. Mahamudu Bawumia made the announcement during the Kwame Nkrumah University of Science and Technology’s 57th congregation.
He believes that the credit system would ensure debt repayment discipline.
“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.
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“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 also stated that Ghana cards will be distributed to newborns beginning next month. This, he believes, will be valuable in identifying children from birth.
“The interesting and remarkable piece of work that has been done in the last year is an integration of a database of the Ghana Health Service, the Birth and Death Registry and the National Identification Authority.
“We have completed that work and Your Majesty, I am happy to say that next month I am going to launch a new system, a project that is going to make sure that every child born in Ghana, from birth will be given a Ghana card number,” the Prime Minister added.
Dr. Bawumia also informed the University’s administration of the government’s resolve to finish the KNUST Teaching Hospital.
“Recognising the demands of these initiatives on our universities, the government promises its unwavering support to enhance infrastructure and facilities including the completion of the Kwame Nkrumah University of Science and Technology teaching hospital,” he said.
Prof. Rita Akosua Dickson, Vice-Chancellor of Kwame Nkrumah University of Science and Technology (KNUST), advised all graduates to continue to add value to themselves at each given chance since “sometimes imperfect changes add up to big results.”
