Vice President Dr Mahamudu Bawumia of the Republic of Ghana has hinted that Ghanaians will soon be able to buy cars on credit with their Ghana Cards, thanks to Solar Taxi Company’s agreement to implement the programme. This is a promising development for the people of Ghana.
He says that in order to make life easier for Ghanaians, the nation is headed towards establishing a credit system centred around the Ghana Card. The proposal is in line with the government’s initiatives to integrate the Ghana Card, a biometric identification card, and use technology to expedite financial procedures.
Speaking on November 24, 2023, at the 57th Congregation of the Kwame Nkrumah University of Science and Technology (KNUST), Dr Bawumiah revealed that ongoing talks with local automakers, such as Solar Taxi, are taking place to support this initiative.
“The Ghana Card is set to serve as the cornerstone of the country’s credit system. However, individuals will need to obtain cars on credit from a few Ghanaian automakers, most notably Solar Taxi. Your Ghana card will be all that is required at the time of the transaction. After that, you will receive a car and make payments over time, he explained.
The second gentleman of the land emphasised that people would be able to purchase cars and make payments over time because the Ghana Card would be the only requirement for transactions.
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In addition, the vice president revealed that starting in 2024, a personal credit score would be implemented. He claims that the goals of this system are to give Ghanaians access to a reliable credit history, improve the financial industry, deal with issues of trust, lower operating costs, and encourage sound financial management.
“In Ghana, personal credit scores will be introduced in the upcoming year. Each person is going to have a credit score. Since we do not currently have a credit scoring system, people view us as risky,” he continued.
