Ghanaians Will Soon Be Able To Purchase Cars on Credit with Ghana Card – Bawumia Hints

Vice President of the Republic of Ghana, Dr. Mahamudu Bawumia, in a promising development for Ghanaians has hinted that citizens of the country will soon be able to purchase cars on credit using their Ghana Card with Solar Taxi company agreeing to roll out the initiative.

According to him, the country is on pace to establish a credit system anchored by the Ghana Card to make life easy for Ghanaians. The proposal aligns with the government’s efforts to leverage technology and streamline financial processes through the integration of the Ghana Card, a biometric identification card.

Dr Bawumiah made this known while speaking at the 57th Congregation of the Kwame Nkrumah University of Science and Technology (KNUST) on November 24, 2023, disclosing that there are ongoing discussions with local automobile companies, including Solar Taxi, to facilitate this 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.

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The second gentleman of the land stressed on the fact that the Ghana Card would be the sole requirement for transactions, enabling individuals to acquire cars and pay over time.

The vice president also disclosed plans to introduce a credit scoring system for individuals in 2024. This system, according to him, aims to provide a credible credit history for Ghanaians, enhance the financial sector, address trust issues, reduce the cost of doing business, and promote financial discipline.

“Ghana 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 we are seen as risky,” he added.