The flagbearer of the ruling New Patriotic Party (NPP), Dr. Mahamudu Bawumia, says one of the key highlights of the party’s 2024 manifesto is to move Ghana from a cash base system to a credit base system.
The Vice President explained that one of the major problems that hampers workers and livelihoods in our country is the fact that we operate a cash base system, unlike in the advanced world, where they operate a credit base system.
He said in view of this, life is much harder if you are a teacher here in Ghana compared to being a teacher in the advanced world, including the US or UK.
The economist said teachers in these countries are able to consume more compared to those in Ghana due to the credit base system they operate.
Dr. Bawumia said in addressing this challenge, ‘’one of the things we are bringing in as far as our manifesto is concerned is to move Ghana from a cash base system to a credit base system. It is very important because the reason why the credit base system works in the advanced countries is because they are able to compute credit scores for everybody. The credit score is key to the credit base system because it assesses the risks of any borrower in terms of borrowing money for a fridge, a car, or a TV. So the credit score becomes very key.’’
He stated that credit score system has the ability to bring down the stress on living in our system and the reason why the advanced countries have succeeded in doing it is because the date exist for the computation of the credit scores so you will need a unique identity that exist.
Dr. Bawumia made the remarks at his media encounter with selected journalists on Sunday, August 25, 2024.
By: Rainbowradioonline.com/Ghana
