Some local car manufacturers are already accepting the Ghana card as security for work-and-pay cars - Bawumia

The Vice President, Dr. Mahamudu Bawumia has revealed that some local car manufacturing companies in the country have started accepting the Ghana card of people interested in buying their cars on credit as security deposits, while they work and pay back over time.

The digital national identity card is a robust identity system, which has been linked to many other national databases, thereby, making it nearly impossible for a holder to abscond without a trace.

Announcing that a new individualised credit-scoring system will be introduced next year, during his address on Friday, in Kumasi at KNUST's Congregation, Dr. Bawumia added that the credit-scoring system will be anchored by the Ghana Card.

"Ghana, early next year will be introducing a credit scoring system for individuals. Every individual will have a credit score. Right now our credit scoring system does not exist so everybody is seen as risky and the interest rates are high," Dr. Bawumia said.

"But we are going yo move into individualised credit scoring. So if you don't pay your loans, you'll have a low credit score and if you go for a loan, you'll have a problem. But if you are diligent in paying your loan your credit score will be high and you're likely to get a lower interest rate and you'll have more discipline ad a result."

While explaining how the new credit-scoring system will help identify high and low-risk borrowers, Dr. Bawumia also revealed that he has visited and interacted with some local car manufacturing companies, who are already accepting the Ghana Card as security from people interested in buying their cars on credit, while they work and pay later.

The Ghana card will also become the anchor for a credit system in Ghana.

"I visited a car manufacturer Accra, Solar Taxi. They assemble cars and they give the cars on credit to people. And the only information they need from those people is their Ghana Card. You give them the Ghana card, they give you a car, you work and you pay over time."



DKO