Vice President and Presidential Candidate of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has launched myCreditScore, a new personalised credit reference and scoring system for Ghanaians. Backed by the Central Bank, this system provides individuals with an opportunity to demonstrate their creditworthiness transparently, helping them access credit more easily.
At the launch event in Accra on Thursday, Dr. Bawumia described the introduction of myCreditScore as a "momentous occasion," marking a significant step in Ghana’s journey toward a financially inclusive and empowered society. He explained that this initiative is a key development in building a dynamic credit economy for Ghana.
The new credit scoring system aims to address longstanding challenges in Ghana’s lending sector. Previously, the lack of a comprehensive credit information system made it difficult for financial institutions to assess the creditworthiness of individuals. This, in turn, led to high lending risks and limited access to credit for many Ghanaians.
Dr. Bawumia highlighted the importance of myCreditScore in transforming access to credit, explaining that the new system will provide timely, accurate, and up-to-date information on debt profiles and repayment history. This, he said, will lead to reduced risks for lenders and help improve financial inclusion for borrowers. The Vice President also pointed to high non-performing loan (NPL) rates in Ghana’s banking sector, which stood at 24.3% as of August 2024. The introduction of a standardized credit scoring system is expected to address these issues and foster more responsible borrowing practices.
Dr. Bawumia shared positive outcomes from a pilot project, which showed a dramatic improvement in the NPL ratio, dropping to just 1.4%, compared to a 20.7% average in 2023. This success demonstrates the system’s potential to significantly reduce defaults and enhance confidence in Ghana’s financial ecosystem.
Reflecting on the journey to implement myCreditScore, Dr. Bawumia recalled that the project began in 2007 during his tenure as Deputy Governor of the Bank of Ghana. After facing setbacks, the initiative has finally come to fruition, marking the successful collaboration between the government, private sector, and financial institutions.
In closing, Dr. Bawumia expressed optimism about the future, emphasizing that myCreditScore will not only help individuals and businesses access credit more easily but will also contribute to the nation’s broader economic growth and financial stability.
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