Vice President Mahamadu Bawumia has revealed that Ghanaians will soon have the opportunity to buy cars on credit using only their Ghana card.
Dr. Bawumia made this announcement during the 57th congregation of Kwame Nkrumah University of Science and Technology (KNUST) on November 24th.
According to Bawumia, discussions are already underway with various automobile companies in Ghana to facilitate this initiative.
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One of the companies that has agreed to pioneer this program is Solar Taxi. He explained that individuals interested in purchasing a car on credit would only need to present their Ghana card during the transaction.
Furthermore, the Ghana card will serve as the foundation for the credit card system in the country. This means that reputable car manufacturers, particularly Solar Taxis, will be able to offer financing options to potential buyers using the Ghana card.
Bawumia stated, “All they will need at the point of your transaction will be your Ghana card, and then they will give you a car which you can pay for over time.”
To complement this development, Bawumia also announced the introduction of a credit-scoring system for individuals in the coming year.
This system aims to provide a reliable credit history for individuals, thereby promoting trust, reducing the cost of doing business, and fostering financial discipline in the country.
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Highlighting the importance of this credit-scoring system, Bawumia emphasized that Ghana is currently perceived as a high-risk country due to the absence of such a system.
According to him, by implementing a credit-scoring model, the financial sector will become more transparent, enabling individuals to establish and maintain trustworthy credit profiles.