Vice President Dr. Mahamudu Bawumia has launched “myCreditScore,” Ghana’s first individualized credit scoring system. The system, designed to assess and transparently showcase the creditworthiness of individual Ghanaians, is poised to expand access to credit by helping financial institutions make more informed lending decisions.
Speaking at the launch event in Accra, Dr. Bawumia highlighted the long journey to bring this system to life, recalling his efforts as Deputy Governor of the Bank of Ghana in 2007 when he advocated for the passage of the Credit Reporting Act. Although the momentum for an individualized credit scoring system stalled from 2009 to 2016, today’s launch marks a major milestone in realizing the vision of a robust credit economy for the country.
Dr. Bawumia emphasized that myCreditScore represents a “bold step forward” in creating a dynamic credit ecosystem tailored to Ghana’s needs. The system is fully developed by local talent in the private sector, a fact that Dr. Bawumia lauded as a testament to Ghanaian ingenuity and capability.
“This is more than a product; it’s a key to unlocking the dreams of many Ghanaians,” Dr. Bawumia remarked. “Through myCreditScore, individuals now have a means to transparently demonstrate their creditworthiness, enabling them to secure loans for purchases that enhance their quality of life.”
The platform is designed to promote financial inclusion, empowering Ghanaians to participate more actively in the economy and pursue opportunities for personal and financial growth. Dr. Bawumia thanked the Central Bank’s leadership and other stakeholders for their dedication to this project, expressing optimism that myCreditScore will help realize a Ghana where “financial security and prosperity are within reach for everyone.”
With myCreditScore now available, the Vice President’s vision of a more inclusive financial landscape for Ghanaians takes a definitive step forward, positioning the country for greater economic empowerment and opportunity.
