Ghanaians can soon buy cars on credit with Ghana Card – Bawumia

The 2024 flag bearer for the New Patriotic Party (NPP), Dr. Mahamudu Bawumia has publicized that Ghanaians will soon buy cars on credit with the help of their Ghana Card. He said by presenting Ghana Card, holders can purchase vehicles on credit without any stress.

This idea was disclosed at the 57th congregation ceremony of the Kwame Nkrumah University of Science and Technology (KNUST). Dr. Bawumia told the congregation that discussions are in the pipeline with some local automobile companies to roll out such a loan scheme.

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According to Dr. Bawumia, the 2024 NPP presidential candidate, a Ghanaian taxi company, Solar Taxi has already agreed to drive the initiative.

“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. 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,” he said as quoted by Asaaseradio.com.

Further, he added that the government will launch a national credit scoring system in 2024 to assess individuals’ repayment histories.

This idea according to Dr. Bawumia will help formalize lending, reduce interest rates by eliminating risk factors, and promote financial responsibility.

The Vice President stated that the new digital ID-based credit options and scoring program are aimed at deepening access to financing for Ghanaians using their unique Ghana Card details.

SOURCE: Coverghana.com.gh