Vice President Mahamudu Bawumia has stated that Ghanaians will soon be able to buy vehicles on credit as a result of the Ghana Card and the digitalization of the economy.
On the 57th assembly of the Kwame Nkrumah University of Science and Technology (KNUST) on November 24, he stated that conversations with several vehicle businesses in Ghana are ongoing.
According to Bawumia, one of the companies that have agreed to roll out the programme is Solar Taxi, and all a buyer will need for the transaction is a Ghana Card.
“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 went on to say. “All they will need at the point of transaction will be your Ghana card and they will give you a car and then you pay over time.”
This will be supported by the implementation of an individual credit rating system, which will be unveiled next year, according to Bawumia.
The system geared at giving consumers with authentic credit histories will sanitise the financial sector, eliminate the trust deficit that has made doing business expensive, and promote discipline, he continued.
“Ghana will introduce a credit scoring system for individuals next year.” Every person will have a credit score. Because our credit scoring system does not yet exist, we are viewed as dangerous,” Bawumia explained.
