Ghana is set to introduce credit scoring system next year to allow Ghanaians access to personal loans and help financial institutions control allocation of risks and costs with their clients.

Vice President Dr. Mahamudu Bawumia announced this at the 57th congregation of the Kwame Nkrumah University of Science and Technology (KNUST).

He believes that the credit system will ensure discipline in the payment of loans.

“Ghana early 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, everybody is seen as risky and the interest rates are high. But we are going to go into individualized credit scores.

“So, if you don’t pay your loan, you will have no credit score and you will have a problem when you go for a loan. But if you are diligent in paying your loans you get your high credit score and you are likely to get lower interest rates. This will bring more discipline,” he said.

Dr. Bawumia also announced that starting next month, Ghana cards will be issued to babies at birth. According to him, this will be useful in the identification of children from birth.

“The interesting and remarkable piece of work that has been done in the last year is an integration of a database of the Ghana Health Service, the Birth and Death Registry and the National Identification Authority.

“We have completed that work and Your Majesty, I am happy to say that next month I am going to launch a new system, a project that is going to make sure that every child born in Ghana, from birth will be given a Ghana card number,” he said.

Dr. Bawumia also assured the management of the University of the government’s intention to complete the KNUST Teaching Hospital.

“Recognising the demands of these initiatives on our universities, the government promises its unwavering support to enhance infrastructure and facilities including the completion of the Kwame Nkrumah University of Science and Technology teaching hospital,” he said.

The Vice-Chancellor of the Kwame Nkrumah University of Science and Technology (KNUST), Prof. Rita Akosua Dickson urged all graduands to continue to add value to themselves at any given opportunity because “sometimes imperfect changes add up to big results.”