Vice President Dr. Mahamudu Bawumia
Ghana plans to introduce a credit scoring system next year to help Ghanaians access personal loans and help financial institutions manage risk and cost allocation with customers.
The Vice-Chancellor, Dr Mahamudu Bawumia, announced this at the 57th Congregation of the Kwame Nkrumah University of Science and Technology.
He believes that the credit system ensures discipline in loan payments.
“Ghana is planning to introduce a personal credit scoring system early next year. Everyone has a credit score. Currently, our credit scoring system does not exist.
“That means everyone is considered a risk, and interest rates are high. But now we’re going to talk about individual credit scores.
“This means that if you don’t pay your loan, your credit score will go down and you’ll have problems getting a loan. But if you pay your loan diligently, you could get a higher credit score and a lower interest rate.” “This will bring more discipline,” he said.
Dr Bawumia also announced that Ghana Cards will be issued to babies at birth from next month. He said this will help identify children from birth.
“An interesting and noteworthy piece of work done last year was the integration of the Ghana Health Service, Birth and Death Registration and National Identification Authority databases.
“We have completed that work and I can tell you, Your Majesty, that next month we will be launching a new system, a project that will ensure that every child born in Ghana is given a Ghana Card. “I’m pleased with the number,” he said.
Dr Bawumia also assured the university management of the government’s intention to complete the KNUST Teaching Hospital.
“Recognizing the demand for these initiatives on our universities, the government is committed to its unwavering support to strengthen infrastructure and facilities, including the completion of the Kwame Nkrumah University of Science and Technology Teaching Hospital,” he said.
Professor Rita Akosua-Dixon, Vice-Chancellor of Kwame Nkrumah University of Science and Technology (KNUST), urges everyone to continue to add value to themselves at every opportunity because “imperfect change can yield great results.” He called on the graduates of
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