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Bawumia Responds to Critics: ‘Opponents Criticize Without Understanding Credit Scoring System

Written by on July 26, 2024

Dr. Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), has criticized his opponents for their comments on the credit score system he proposed for implementation if elected as president.

During 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 believes this initiative will de-risk the financial ecosystem and lower borrowing costs. He highlighted Africa’s rapid adoption of digital technologies, noting Ghana’s leadership in mobile money and financial inclusion over the past seven years.

Despite his enthusiasm, Bawumia’s proposal for a credit scoring system has faced criticism from some Ghanaians and politicians.

In response, Dr. Bawumia expressed disappointment in a Facebook post, stating that his opponents often criticize without understanding the context.

He highlighted the progress made in issuing the Ghana Card, merging databases, and achieving mobile money interoperability, which paves the way for a credit scoring system.

Dr. Bawumia emphasized 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 a contract, as is common in advanced nations.

He urged his opponents to focus on possibilities rather than impossibilities.

 


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