
The Vice President and Flagbearer of the New Patriotic Party, Dr. Mahamudu Bawumia, has announced that the launch of the “My Credit Score Ghana” initiative introduces a critical tool that will transform Ghanaians’ access to credit and finance.
Speaking at the event, Dr. Bawumia stated that this initiative comes at a crucial time for Ghana’s financial sector, particularly as the country’s non-performing loan (NPL) rate stands at about 24.3%, which is considered high.
He explained that the current Non Performing Loans levels highlight significant challenges within the financial ecosystem and the absence of a standardized and transparent credit scoring system has increased risks for lenders and restricted financial inclusion for borrowers. According to Dr. Bawumia, the introduction of “My Credit Score” is a key step toward addressing these challenges, creating an ecosystem that meets international standards, and fostering a culture of responsible borrowing.
He noted that this pioneering initiative is expected to empower Ghanaians by enabling them to purchase goods on credit, access credits from banks and FINTECHs and make payments in manageable installments, this he says is a major stride in broadening access to financial resources across the country.
Dr. Bawumia emphasized that the implementation of systems like “My Credit Score” would position Ghana to transition into a financial ecosystem that not only facilitates responsible borrowing and lending practices but also enhances economic resilience and promotes inclusive growth for all stakeholders.
Mr. Osei Gyasi, Head of Banking Supervision at the Bank of Ghana, also spoke at the event. He stressed that the Bank of Ghana recognizes the importance of managing credit risk, which is why credit bureaus are essential for effective risk management. He reaffirmed the Bank of Ghana’s commitment to supporting efforts to establish and strengthen credit bureaus in the country.
on his part, the President of the Ghana Bankers Association, Mr. John Awuah also said this is a monumental step for an efficient and safe delivery of credit within the country and this is a feat citizens should be proud of.
