Flagbearer the New Patriotic Party’s (NPP), Dr. Mahamudu Bawumia, has pushed back against criticism from the NDC regarding his proposed credit scoring system, which he unveiled during the 3i Summit in May 2024. Dr. Bawumia says his vision for a comprehensive credit scoring system is built on a foundation of digital identity and address for every citizen, enabling a more efficient and inclusive financial ecosystem. He has dismissed his opponents’ comments as misinformed, highlighting their lack of understanding of the benefits and mechanics of his innovative proposal.
Dr. Bawumia is convinced that his proposed credit scoring system will revolutionize Ghana’s financial landscape by mitigating risk and lowering borrowing costs. He points to Africa’s rapid adoption of digital technologies, with Ghana at the forefront of mobile money and financial inclusion over the past seven years, as a testament to the country’s readiness for such innovation.
Despite this, his proposal has sparked debate, with some Ghanaians and politicians expressing skepticism, prompting Dr. Bawumia to address their concerns and misconceptions about the benefits and implementation of his vision.
In a Facebook post, Dr. Bawumia expressed his disappointment with the misinformed criticism of his credit scoring system proposal. He emphasized that his opponents often speak without understanding the context, neglecting the significant progress made in key areas such as issuing the Ghana Card, merging databases, and achieving mobile money interoperability.
These milestones lay the groundwork for a comprehensive credit scoring system, which would empower ordinary Ghanaians to access essentials like cars and mobile phones, secure loans at lower interest rates, and enjoy benefits like free phones with a contract, similar to those in advanced nations. Dr. Bawumia encouraged his opponents to adopt a forward-thinking mindset, focusing on possibilities rather than limitations, and to recognize the transformative potential of his proposal.