Ghanaians will soon buy cars on credit with Ghana Card — Bawumia

Dr. Mahamudu Bawumia has disclosed that Ghanaians will soon be able to purchase vehicles on credit by simply presenting their Ghana Cards.

Speaking at the 57th congregation ceremony of the Kwame Nkrumah University of Science and Technology over the weekend, Dr. Bawumia revealed that discussions are underway with some local automobile companies to roll out such a loan scheme.

According to the 2024 NPP presidential candidate, one firm that has agreed to pilot the initiative is Ghanaian taxi company, Solar Taxi.

"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.

He further disclosed that the government will launch a national credit scoring system next year to assess individuals' repayment histories.

This, Bawumia added, 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.