The Vice President of Ghana, Dr Mahumudu Bawumia, has revealed plans to introduce a credit card system in the country.
This initiative aims to give workers the opportunity to purchase items such as houses and cars on credit, with lower interest rates.
Dr Bawumia emphasized that this move will alleviate the financial burden placed on workers and improve the overall quality of life for citizens.
During his address to Ghanaians, the Vice President stated that the implementation of individualized credit scoring will be launched this year.
This will make it easier for Ghanaians to access credit at favorable interest rates.
Furthermore, Dr Bawumia highlighted that this will be achieved by leveraging data and systems such as GhanaCard, GhanapostGPS, mobile money, DVLA, GRA, and bank accounts.
The Vice President emphasized that this strategic initiative will build a more efficient credit system and mortgage market in Ghana.
This will be underpinned by individualized credit scoring and the digitalization of land titling and transfer.
