Renowned Banking Consultant and Financial Analyst, Dr. Richmond Atuahene, is set to thoroughly analyse the controversial credit-based economy at the 2024 Chartered Institute of Credit Management Investiture and Presidential Ball.
One campaign promise of the New Patriotic Party’s (NPP) Presidential Candidate for the 2024 Elections, Dr. Mahamudu Bawumia that has generated a debate in the country is the initiative to introduce a credit-based economy.
Dr. Bawumia as part of his “bold solutions” says if voted as president, his government will introduce a credit-scoring system in the economy. “On a credit scoring system: facilitating the implementation of a fully functional credit bureau system that provides comprehensive, individualized credit scores for borrowers based on a comprehensive dataset that will help credit delivery firms properly differentiate and price risks,” portions of the NPP manifesto read.
The credit scoring system, the NPP envisages will enable the average Ghanaians to access basic needs through cheaper credit. As part of the credit scoring system, the NPP says it will also introduce a “Buy now, pay small, small” policy, to “increase domestic demand, increase production and create jobs.”
This promise has generated a heated debate. Critics believe that a credit scoring system is not a solution to Ghana’s economic woes. According to these critics, a credit-based system is not a magic wand that can create non-existent jobs, improve the economy, and better the lives of Ghanaians.
With these divergent views on the subject, the Chartered Institute of Credit Management has chosen to address the issues relating to the subject at its 2024 Investiture and Presidential Ball Ceremony.
Dr. Richmond Atuahene, the special guest for the ceremony is expected to speak on the topic “Credit-based Economy: The State of Play and The Way Forward.”
Speaking on what to expect at the event, Dr. Atuahene told The High Street Journal that Ghanaians should expect a thorough and holistic analysis of the subject in the context of Ghana’s current economic state.
He revealed that his presentations will cover how Non-Performing Loans, (NPL), the government’s indebtedness, fiscal indiscipline, and institutional lapses among others will affect such a credit-based economy.
“What you should expect is that with the current state of the economy, is it going to be feasible in Ghana?,” he told The High Street Journal.
The event is scheduled for Saturday, November 9, 2024, at the Vice Chancellors Office Complex, Legon – Accra starting at 10:00 am. The ceremony will also swear into office the new president and council members of the institute.
