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Vice President Dr. Mahamudu Bawumia has provided clarification on his earlier remarks regarding the Ghana Card’s function and the purchase of a car.
Speaking at the Kwame Nkrumah University of Science and Technology’s 57th gathering ceremony, Dr. Bawumia disclosed that plans are in motion to launch a credit program utilizing the Ghana card in conjunction with a few local automakers.
The Vice President reportedly declared that cars may be bought using the Ghana card, according to later reports.
Speaking to an audience on December 8 at the Ghana Investment Promotion Centre (GIPC) awards ceremony, Dr. Bawumia made it clear that he did not advocate for a direct correlation between the Ghana Card and outright car ownership.
“One of the issues facing Ghana is the deficiency of an efficient credit system in comparison to other developed nations. In Ghana, your monthly subsistence is your income. In other jurisdictions, the credit system essentially increases your consumption possibilities.”
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“I was saying that one of the things that we don’t have in Ghana right now is a system for credit score that the referencing agency would typically use. Of course, what I said was taken out of context, and others even refuted it, claiming Ghana does not have a credit system that customized for each individual,” the Vice President said.
Dr. Bawumia emphasized the Ghana Card’s many everyday applications while highlighting the government’s dedication to using technology to provide services that are easier to use and more efficient.
He continued: “But now with the cooperation with the central bank, we are very close to introducing an individualized credit scoring system in Ghana next year which allow us to differentiate risk from individuals and that was the sense which I said that an individualized scoring system will have the Ghana card as that anchor because it is a unique identifier for everybody and that will allow credit to be more accessible to all of these companies here who will then be able to offer credit to many consumers”
“The Ghana card being the anchor, some people misinterpreted that saying you can use the Ghana card to buy a car which doesn’t make sense, the Ghana card will help you get credit to be able to assist you making payments of goods and other services.”
