The debate on whether Ghana has a credit scoring system continuous as IMANI Africa has provided evidence to show that XDS Ghana lied in the statement it issued to back Vice President Dr Mahamudu Bawumia’s assertion that a credit scoring system does not currently exist in Ghana.

XDS Ghana, which was cited as one of two operational credit scoring firms, reportedly pulled down their website around December 1, 2023, after Bright Simons, the vice president of IMANI Africa, refuted Vice President Dr Bawumia's claim.

Simons previously posted excerpts from the company's website which clearly advertised the services they offered, including both credit scores and credit reports to show that the credit scoring being promised by Dr Bawumia is nothing new.

Then, on 5th December, XDS issued a press release saying that they can produce credit scores, but they have not been offering that service because doing so requires Ghana Card penetration to reach 90%.

Proponents of the vice president including his economic advisor and spokesperson, Dr Gideon Boako, called on Bright Simon to apologise to Dr Bawumia because he got his criticism of Dr Bawumia’s remarks totally wrong.

Simons and Cudjoe have now come out with pieces of evidence which show that XDS Ghana did indeed offer individual credit scoring services.

According to IMANI's Franklin Cudjoe and Bright Simons, they tracked an old website that dates back to 2021 which showed the company is being economical with the truth.

In posts on Twitter (X) and Facebook on December 7, 2024, the two think tank executives asked their readers to visit https://xdsdatagh.com/, go to the education page on the menu, and select "credit reports and scores".

They shared screenshots of that page which showed that XDS has been advertising to its customers on its website that they offer credit scores in addition to credit reports even though their press release said they only offer credit reports for now.

“We offer a comprehensive credit report where the individual's credit scores is analyzed since individual credit score determines the ability to make purchases before payment. This is based on the history of paying bad debts.

“Having a good credit score gives individual the financial freedom to make important financial decisions, such as receiving approvals for credit cards, as well as obtaining mortgages and loans,” one of the screenshots reads.

IMANI also pointed out that XDS has a branch affiliate in Nigeria that offers free credit scores in addition to credit reports (2030https://firstcentralcreditbureau.com/) even though Nigeria's National ID penetration is less than 10% compared to Ghana's over 50%.

What Dr Bawumia said:

Vice President Dr. Mahamudu Bawumia announced plans for Ghanaians to access credit and purchase cars using the Ghana Card and the ongoing digitalization of the economy.

Speaking at the 57th Congregation of the Kwame Nkrumah University of Science and Technology (KNUST) on November 24, he revealed ongoing discussions with local automobile companies, including Solar Taxi, to facilitate this initiative.

"The Ghana Card will also become the anchor for a credit system in Ghana, and it will take a couple of car manufacturers in Ghana, notably Solar Taxi, to give cars on credit to people," asaaseradio.com quoted Bawumia as having said.

He stressed that the Ghana Card would be the sole requirement for transactions, enabling individuals to acquire cars and pay over time.

The vice president also disclosed plans to introduce a credit scoring system for individuals in 2024.

This system, he said, aims to provide a credible credit history for individuals, enhance the financial sector, address trust issues, reduce the cost of doing business, and promote financial discipline.

"Ghana 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 we are seen as risky," he added.

View the posts shared by Simons and Cudjoe below:

Ghana Twitter (X) people, we put our IT sleuths on XDS Ghana & gave them only one task: find proof that they have been advertising "credit scores" & thus IMANI didn't make them up. Here is the result! Everyone should make screenshots before they hide the page! ???????????? pic.twitter.com/ylDNDn30e8

— Bright Simons (@BBSimons) December 6, 2023

The credibility of a company that is paid to check the ‘credibility’ of other persons is not negotiable!
Imagine if it were a DNA testing centre &the fatal damage it’s compromise would do to a matter before the court? ????@TheGhanaWeb @Joy997FM @tv3_ghana @ci pic.twitter.com/nv9geDemCW

— Franklin CUDJOE (@lordcudjoe) December 7, 2023