Today in History: Ghanaians can soon buy cars on credit with Ghana Card - Dr. Bawumia

Vice President Dr Mahamudu Bawumia announced in November last year that Ghanaians would soon be able to purchase cars on credit using their national identification card - the Ghana Card.

According to him, this is possible because of the digitalization of the economy.

He made this known while speaking at the 57th Congregation of the Kwame Nkrumah University of Science and Technology (KNUST).

Read the full story originally published on November 27, 2023 by www.ghanaweb.com.

Vice President Dr. Mahamudu Bawumia has announced plans for Ghanaians to access credit and purchased cars using the Ghana Card and the ongoing digitalization of the economy.

Speaking at the 57th Congregation of the Kwame Nkrumah University of Science and Technology (KNUST) on November 24, he revealed ongoing discussions with local automobile companies, including Solar Taxi, to facilitate this initiative.

"The Ghana Card will also become the anchor for a credit system in Ghana, and it will take a couple of car manufacturers in Ghana, notably Solar Taxi, to give cars on credit to people," asaaseradio.com quoted Bawumia as having said.

He stressed that the Ghana Card would be the sole requirement for transactions, enabling individuals to acquire cars and pay over time.

The vice president also disclosed plans to introduce a credit scoring system for individuals in 2024.

This system, he said, aims to provide a credible credit history for individuals, enhance the financial sector, address trust issues, reduce the cost of doing business, and promote financial discipline.

"Ghana 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 we are seen as risky," he added.

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