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Zeqblog Blog of Tuesday, 26 November 2024
Source: Okine Isaac
In November of last year, Vice President Dr. Mahamudu Bawumia declared that Ghanaians would soon be able to use their Ghana Card, a national identification card, to buy cars on credit.
He says this is now possible because of the digitization of the economy.
He mentioned this when he spoke at Kwame Nkrumah University of Science and Technology’s (KNUST) 57th Congregation.
In addition to the further digitization of the economy, Vice President Dr. Mahamudu Bawumia has revealed plans enable Ghanaians to obtain loans and buy automobiles using the Ghana Card. Speaking on November 24 at Kwame Nkrumah University of Science and Technology’s (KNUST) 57th Congregation, he disclosed that talks were still underway to support this endeavor with local automakers, such as Solar Taxi.
As stated by Bawumia, “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,” according to asaaseradio.com. He emphasized that people will be able to purchase cars and make payments over time because the Ghana Card would be the only prerequisite for transactions.
The vice president also revealed intentions to launch a personalized credit scoring system in 2024. He stated that the goals of this system are to boost the financial sector, address trust difficulties, lower the cost of conducting business, encourage financial discipline, and give people a solid credit history.
“Ghana plans to implement an individual credit rating system the following year. A credit score will be assigned to each individual. We are viewed as hazardous because we do not currently have a credit scoring system,” he continued.
