The newly elected flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has stated that Ghanaians will soon be able to purchase automobiles on credit and make installment payments using the Ghana card.
He made the comments during the address of the 57th Congregation of the Kwame Nkrumah University of Science and Technology (KNUST) on November 24, according to asaseradio.com.
Dr. Bawumia stated that the programmeme was a part of the economy’s continuous digitalization initiatives and that discussions are still ongoing with local car companies like Solar Taxi to make this programmeme a reality.
According to the news website, Bawumia stated that “the Ghana Card will serve as the cornerstone for a credit system in Ghana, with plans for selected car manufacturers, particularly Solar Taxi, to offer cars on credit to individuals.”
He stressed that the Ghana Card would be the only need for these deals, which would let people buy cars and pay for them in installments.
The vice president also announced plans to implement a personal credit scoring system in the year 2024. In addition to reducing business expenses and fostering financial discipline, this system seeks to strengthen the financial sector, build trustworthy personal credit histories, and address trust issues.
“Ghana will be implementing a credit scoring system for individuals next year. Every individual will be assigned a credit score. Currently, our credit scoring system is nonexistent, leading to perceptions of risk. This initiative will change that,” Dr. Bawumia added.
