Gideon Baoako, spokesperson and economic adviser to Vice-President Dr. Mahamudu Bawumia, has called on Bright Simons and Franklin Cudjoe of IMANI Ghana to issue an apology for what he deemed as misleading comments regarding the Vice-President's statement on the credit scoring system in Ghana.
Vice-President Bawumia, speaking at the 57th graduation of the Kwame Nkrumah University of Science and Technology (KNUST), highlighted the Ghana card's role in establishing a robust credit scoring system.
IMANI Ghana's Vice-President questioned the accuracy of the information, referencing XDSData Ghana Limited as already having the system described by the Vice-President.
However, XDSData Ghana Limited clarified that it has not produced individual credit scores in the country due to challenges related to a unique identifier.
In response, Dr. Boako urged Mr Simons and Mr Cudjoe to apologise to the audience their comments reached.
Managing Director of XDSData, George K. Ahiafor, explained that the slow penetration of the Ghana Card information, currently at 35per cent, poses challenges for generating individual credit scores.
He anticipates releasing such scores when the Ghana Card penetration reaches 90 per cent, possibly by the end of 2024.
Facilities currently rely on various forms of identification, making it difficult for accurate credit exposure mapping.
Despite this, Mr. Ahiafor assured that XDSData provides credit information comparable to international credit bureaus, emphasising the importance of Ghana Card data for comprehensive credit scoring.
He further highlighted ongoing efforts, in collaboration with the Bank of Ghana, to incorporate all aspects of the credit ecosystem into scoring calculations.
The mandatory use of the Ghana Card for financial transactions since July 1, 2022, has facilitated the submission of Ghana Card information to the bureau.