They criticize without knowledge – Bawumia replies critics of his credit scoring system

The flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has addressed criticisms of his proposal to introduce a credit scoring system in Ghana.

According to him, the system aims to enable individuals to purchase goods on credit, enhancing financial accessibility for many Ghanaians.

In a Facebook post, Dr. Bawumia highlighted the country's advancements, such as the issuance of the Ghana Card, the merging of databases, and the growth of financial inclusion through mobile money interoperability.

These developments, he argued, set the stage for implementing a credit scoring system.

"Among many benefits, the operation of a credit scoring system will make it easier for the ordinary Ghanaian to purchase essentials such as cars, and mobile phones, and obtain loans at lower interest rates," Dr. Bawumia stated.

He further noted that in most advanced nations, mobile phones are often available for free from telecom companies with a two or three-year contract, contingent on one's credit score.

Dr. Bawumia criticized his critics, stating, "Unfortunately, my opponents always think in terms of impossibilities and criticize without knowledge."

Bawumia announced the proposal for a personalized credit scoring system in Ghana earlier this year during his initial policy address.

He has since been elaborating on its potential during his campaign tours, including possible methods for purchasing mobile phones on credit from telecom companies and paying in instalments through the credit scoring system.

However, the opposition National Democratic Congress (NDC) has expressed scepticism about its feasibility and impact. They have sought to downplay the proposal, questioning its practicality and benefits.

AM/EK

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