Vice President Dr. Mahamudu Bawumia has hinted that Ghanaians will soon buy cars on credit using Ghana Card, with Solar Taxi company agreeing to roll out the initiative.
According to him, the country is on pace to establish a credit system anchored by the Ghana Card to make life easy for the citizens.
Speaking at the 57th congregation of the Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi, the Vice President said discussions to that effect had already begun with Solar Taxi and other automobile companies in the country.
He indicated that all a purchaser may require for the credit transaction with the automobile companies will be the Ghana Card, adding that this has been made possible by the digitalisation of the economy.
“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,” he stressed.
“All they will need at the point of transaction will be your Ghana Card, and they will give you a car and then you pay over time,” he noted.
Dr. Bawumia, who is also the ruling New Patriotic Party (NPP) flagbearer for the 2024 elections, said a system for calculating personal credit scores will also be implemented in conjunction with this.
He disclosed that this system for calculating personal credit scores will be launched next year, for the credit system to take effect.
He explained that the system is aimed at providing credible credit history of individuals in order to sanitise the financial sector and clear the deficit of trust which has made the cost of doing business expensive, as well as promote discipline.
“Ghana will next year 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,” Dr. Bawumia intimated.