Dr. Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), has recently faced criticism over his proposal to implement a credit scoring system in Ghana if elected as president. Speaking at the 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 help mitigate risks within the financial ecosystem and lower borrowing costs, highlighting Ghana’s leadership in mobile money and financial inclusion in Africa over the past seven years.
However, the proposal has been met with skepticism from some Ghanaians and political opponents. In a Facebook post, Dr. Bawumia expressed disappointment with the criticisms, asserting that his opponents often lack an understanding of the context.
He pointed to significant advancements, such as the widespread issuance of the Ghana Card, the merging of databases, and the achievement of mobile money interoperability, as foundational steps towards establishing a credit scoring system.
Dr. Bawumia believes 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 contracts, similar to practices in advanced nations. He urged his critics to adopt a mindset focused on possibilities rather than limitations.
