"Thinking In Impossibilities": Bawumia Slams Critics For Criticising His Credit Score System Policy
- Flagbearer of the New Patriotic Party, Dr Mahamudu Bawumia, has dismissed critics of his credit score policy
- He said those criticising his policy are thinking in impossibilities and have no knowledge of what they are criticising
- YEN.com.gh spoke to Prof Godfred Bokpin and he said a credit scoring system would not be as transformational as Dr Bawumia touts it to be
The New Patriotic Party’s (NPP) flagbearer, Dr Mahamudu Bawumia, has dismissed criticisms from opponents over his proposal to introduce a credit scoring system if elected president.
Dr Bawumia, during the 3i Summit held in May 2024, stated that there was the need for a functional individualised credit scoring system that would be backed by a unique digital identity and address for all Ghanaians.
Source: Facebook
The Vice President argued that such a system would de-risk the country’s financial ecosystem and reduce borrowing costs.
He stated that with the continent rapidly embracing digitalisation, it was important to ensure that Ghana remains at the forefront in ensuring digital financial inclusion.
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But his proposal has been ridiculed by some Ghanaians and political opponents who counterargue that the credit scoring system is not feasible.
Bawumia responds to critics
In an impassioned response to his critics on Facebook on Friday, July 26, 2024, Dr Bawumia noted that the credit scoring system was a viable and feasible system that could transform the financial ecosystem in the country.
He said those criticising his proposal are doing so without knowledge and thinking in impossibilities.
He noted that as the country has made great strides with the issuance of the Ghana card, the merging of databases and rapid digital financial inclusion as a result of the mobile money interoperability, a credit scoring system is the obvious next step.
He touted that credit scoring system’s ability to make future purchases easier and relatively cheaper for Ghanaians should it be implemented.
“Among many benefits, the operation of a Credit Scoring system will make it easier for the ordinary Ghanaian to purchase essentials such as cars, mobile phones, obtain loans at lower interest rates,” he said.
Prof Bokpin disagrees
Reacting to the Vice President’s statement on the credit scoring system, Economist at the University of Ghana, Professor Godfred Bokpin, told YEN.com.gh that while the credit scoring system was a good idea, focusing on that as the fiscal solution for the country is an error.
He said the credit scoring system will not significantly transform the economy when the economy is being mismanaged and the country’s reference rate remains high.
“So shifting our attention from the major issue which is managing the economy well to bring interest rate down to nearly addressing that structural issue through credit reference bureau or credit scoring system, it’s like majoring on the minor.”
“Of course it will make some improvement and all of that but in the scheme of things that is not the gamechanger, that is like majoring in the minor,” he said.
Efia Odo lashes out at Bawumia
YEN.com.gh reported that actress Efia Odo was not happy when Vice President Mahamudu Bawumia talked about the introduction of the credit score system in Ghana.
According to her, Ghanaians do not need credit cards and she made reference to how the system was faring in the US as she claimed many Americans were broke because of it.
Many people shared their thoughts on the credit score system and whether or not Ghanaians could benefit from it.
Proofread by Berlinda Entsie, journalist and copy editor at YEN.com.gh
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Source: YEN.com.gh
