<<Print>>

The Vice President, Dr. Mahamudu Bawumia has revealed that some local car manufacturing companies in the country have started accepting the Ghana Card of people interested in buying their cars on credit as security deposits while they work and pay back over time.

The digital national identity card is a robust identity system linked to many other national databases, thereby, making it nearly impossible for a holder to abscond without a trace.

Announcing that a new individualized credit scoring system will be introduced next year during his address at KNUST Congregation on Friday in Kumasi, Dr. Bawumia expounded that the credit scoring system will be anchored by the Ghana Card.

"Ghana, early 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 so everybody is seen as risky and the interest rates are high.

"But we are going to move into individualized credit scoring. So if you don't pay your loans, you'll have low credit score and if you go for loan, you'll have a problem. But if you are diligent in paying tour loan, your credit score will be high and you're likely to get lower interest rate and you'll have more discipline ad a result", Dr. Bawumia said.

While explaining how the new credit scoring system will help identify high and low risk borrowers, Dr. Bawumia revealed he has visited and interacted with some local car manufacturing companies who are already accepting the Ghana Card as security from people interested in buying their cars on credit.

"I visited a car manufacturer Accra, Solar Taxi. They assemble cars and they give the cars on credit to people. And the only information they need from those people is their Ghana Card. You give them the Ghanacard, they give you a car, you work and you pay over time."

The Ghana Card will become the anchor for a credit system in Ghana.