Vice-President Mahamudu Bawumia has said Ghanaians will soon be buying cars on credit thanks to the Ghana Card and digitalization of the economy.

Speaking at the 57th congregation of the Kwame Nkrumah University of Science and Technology (KNUST) on 24 November, he said discussions to that effect are ongoing with some automobile companies in Ghana.

Bawumia said one of such companies that has agreed to roll out the initiative is Solar Taxi and according to him, all a purchaser may require for the transaction will be a Ghana Card.

“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 said. “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.”

This will be accompanied by the introduction of a credit scoring system for individuals which will be launched next year, Bawumia said.

The system aimed at providing credible credit history of individuals will sanitize the financial sector, clear the deficit of trust which has made the cost of doing business expensive, and promote discipline, he added.

“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,” Bawumia said.

Source: Asaase Radio

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