According to him, prior to the introduction of the Ghana Card, salaries were paid to individuals who did not earn them.

Speaking to the clergy on June 3, the NPP flagbearer stated that, the initiative has been able to identify ghost names on the payroll and stopped the corrupt activities that usually occur.

“One of the areas that we have been able to really make progress is ghosts names. This is huge corruption that was taking place, because people were put on payroll without working, and other people will collect their salaries.

“So I said that the solution to this problem is to link every worker to their Ghana Card. Once you link every worker to their Ghana Card that means you link every worker’s fingerprint. And every fingerprint is unique. And we know ghosts don’t have fingerprint.

“Immediately we did that, the ghosts ran away, they ran away across. National service scheme alone, 44,000 ghost names ran away. The SSNIT pension scheme, 29,000 ghost names, national service we saved over GH₵400 million, SSNIT over GH₵300 million.

“Two institutions alone over GH₵700 million saved just by taking out the ghost names. So you can see the extent of the problem and now we can say we’ve cleaned up the controller database,” he said.

Also, Dr Bawumia called on the clergy to collaborate with the government to find a way forward in completing the controversial National Cathedral project.

He stressed the need for the church to unite and engage with the government to explore ways to secure private resources to complete the project.

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Dr. Bawumia made the announcement during the KNUST congregation last Friday.

He stated that, the new credit-scoring system, which will identify high and low-risk borrowers, will be introduced next year.

“Ghana, early next year, will be introducing a credit-scoring system for individuals,” Dr. Bawumia said.

“Every individual will have a credit score. Right now, our credit-scoring system does not exist, so everyone is seen as risky, and interest rates are high.

As part of my speech at KNUST on Friday, I noted that next year, Ghana will introduce a robust credit scoring system for individuals which will be anchored on the Ghanacard. pic.twitter.com/nRtlJ81yD0

— Dr. Mahamudu Bawumia (@MBawumia) November 28, 2023

“But we are going to move into individualized credit scoring. So if you don’t pay your loans, you’ll have a low credit score, and if you go for a loan, you’ll have a problem. But if you are diligent in paying your loans, your credit score will be high, and you’re likely to get a lower interest rate and you’ll have more discipline as a result.”

The Vice President explained that, the Ghana Card, which contains the biometric details of every holder, will be the anchor of the new credit system. This means that anyone accessing any credit facility can be identified from various sources, significantly reducing risks and helping to bring down interest rates.

He also explained that the credit-scoring system, with the Ghana Card as security, will help many to buy even cars on credit. He noted that some car manufacturers in Ghana, including Solar Taxi, have expressed willingness to provide cars on credit to consumers, allowing them to repay over time.

A credit-scoring system is a statistical analysis used by financial institutions and lenders to assess a borrower’s creditworthiness. It helps the lender determine who is a high-risk or low-risk borrower. An individual’s credit score can determine the maximum loan amount they can borrow and the interest rate applied.

In countries without individualized credit-scoring systems, everyone is considered a high-risk borrower, generally affecting interest rates, which are typically high across the board.

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