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I was wrong: Dr. Theo Ahcheampong reverses course after endorsing Bawumia’s assertions over his credit score

Following a passionate defense of Vice President Dr. Mahamudu Bawumia’s assertion that Ghana lacks a personal credit-scoring system, Dr. Theo Acheampong, an economist and political risk analyst, has softened his stance in favor of the Vice President’s detractors.

Since publishing his findings on social networking site X, Dr. Acheampong claims to have done additional research on the topic and concluded that there is, in fact, a system of that kind in Ghana.

“Ghana’s Vice President Bawumia proposed last week on social media that the country will implement a credit score system for individuals early in 2024. There has been an interesting debate on this plan.We do not yet have a credit scoring system in place.

“I’ve had the opportunity to listen to the vice president’s remarks more intently and thoroughly and to speak with certain key players in Ghana’s financial industry more.

On Sunday, December 3, 2023, he wrote on X, “I am happy to issue this rejoinder to my earlier note based on this and the commitment I made on Bright Simon’s [@BBSimons] wall.”

Among other things, I stated in my post that “the Credit Bureaus’ products and services are not Individualized Credit Scoring.”

“In spite of their potential flaws, the two licensed credit bureaus now in operation—XDS Data Ghana Limited and Dun & Bradstreet Credit Bureau Limited—do in fact generate individual scores.

“I was mistaken in that aspect. In a same vein, Dr. Theo Acheampong stated that Dr. Bawumia could not have been entirely accurate in his statement.

Speaking late last month at a KNUST assembly in Kumasi, Dr. Bawumia disclosed intentions to introduce a customized credit-scoring system in Ghana the next year. He said that the Ghana card would serve as a catalyst for the system, which would help identify high-risk and low-risk borrowers.

Bright Simons, the Vice President of Imani Africa, questioned Dr. Bawumia’s declaration after it was made, arguing that it was incorrect because Ghana now has a credit rating system in place.

In response, Dr. Acheampong contended that Bright Simons misunderstood the circumstances, conflating credit reports to financial institutions with personal credit scores.

Dr. Theo Acheampong stated that Dr. Bawumia was fairly correct in a lengthy post on November 29, 2023, on X (previously Twitter), citing current records and practice to back up his claims.

Dr. Theo Acheampong wrote, “Dr. Bawumiah is correct in that there isn’t an individualised credit scoring system in Ghana.”

Dr. Theo Acheampong clarified that three credit bureaus “are involved in collecting credit data and providing credit referencing services to financial institutions,” not in credit scoring for individuals as Dr. Bawumia had claimed, citing the Bank of Ghana’s 2022 Credit Reporting Activity Report.

“It is important to note that the products and services offered by the Credit Bureaus are not INDIVIDUALISED CREDIT SCORING,” Dr. Theo Acheampong went on. Instead, there are six (forms) of these:”

“In other words, the current data provided by the credit bureaus are amalgamated reports comprising different data points such as personal details, credit account summary, address history, guarantor details and telephone history,” he said.

For various reasons, the companies are unable to integrate this data into a COMPOSITE CREDIT SCORE, which is necessary for the pricing of specific financial products and services. Examples of such companies in the UK where I work are Experian and TransUnion.

“I’ve included my Experian score, which is now rated outstanding at 961 out of 999, as proof. I can access a variety of things, such as credit cards, loans, insurance, and other financial items, with only this one number,” he said.

Dr. Bawumia stated that the Ghana card will be the new, personalized credit-scoring system during the announcement. Dr. Acheampong supported this as well, calling it “sensible.”

However, Dr. Theo Acheampomg acknowledged the viability of extending the current system by utilizing the Ghana Card in a subsequent post where he retracted his view on the subject.

Read the entire rebuttal from Dr. Theo Acheampong below:

COMMENT TO “DR. BAWUMIAH IS RIGHT: DEEPENING FINANCIAL ACCESS IS A MUST, AND A PERSONAL CREDIT-SCORING SYSTEM DOES NOT EXIST”

The idea put up by Ghana’s vice president, Bawumia, that “Ghana early next year [2024] will be introducing a credit scoring system for individuals…right now, our credit scoring system does not exist,” has generated an intriguing discussion on social media during the past week.

I’ve had the opportunity to listen to the vice president’s remarks more intently and thoroughly and to speak with several key players in Ghana’s financial industry more.

In light of this and the promise I made on Bright Simon’s [@BBSimons] wall, I’m pleased to respond to my previous message with this one.

One of the claims made in my essay was that “the Credit Bureaus’ products and services are not Individualized Credit Scoring.”

Despite their potential flaws, the two licensed credit bureaus now in operation—XDS Data Ghana Limited and Dun & Bradstreet Credit Bureau Limited—do in fact generate individual scores.

I was mistaken in that regard. In this regard, Dr. Bawumiah’s claim might not have been entirely accurate.

The Way Ahead ——-
I still believe that it should be possible, given technical feasibility, to combine elements/data points from the Ghana Card in order to: (1) enhance the current individual credit scoring system in order to provide a more nuanced risk profile and, consequently, a lower cost of credit; and (2) extend the scoring to other population segments, particularly those who are not part of the formal economy but who use their Ghana Card as their primary form of identification. Why? For instance, Dun and Bradstreet, two of the current credit bureaus, pings and uses the exhibit that is attached, which is a “photograph of the customer obtained from Electoral Commission.”

As such, it ought to be feasible to establish supplementary data parameters about any individual by pinging the National ID Card database. Stated differently, the National Identification Authority (NIA) will include other organizations and businesses to the current list of twenty-two (22) that are officially recognized as credit reporting system data suppliers [and authorized users]. In this scenario, NIA will function more as a data source. As of February 2023, approximately 17 million Ghanaians had registered for the Ghana Card, according to the National Identification Authority (NIA).

That opens up the possibility of 17 million distinct searches, maybe even more. According to the 2022 Bank of Ghana Credit Report (p. 11), 85% of credit report receivers’ queries in credit bureau databases produced some “only demographic or both demographic and financial data.” This was a better result than the 54% in 2021 since there were more “hits” from mobile money loan borrowers. Put differently, in the absence of the MoMo data, the three-year hit rate would have likely averaged 61% between 2021 and 2018. This indicates to me that there are flaws in the system, which affects the scores as well. To improve it in that sense, we need to figure out how to add more data points, and the Ghana card could be able to assist. More utilisation of the national ID system could be beneficial, according to a 2015 SEEP Network research, which stated that “there is no single unique identifier within the licensed credit bureau market”.

Second, I would suggest that the government collaborate with XDS Data Ghana and Dun and Bradstreet to launch an APP, WEB PORTAL, and USSD that would enable Ghanaian citizens to instantly and freely check their individual credit score and basic report using only their name and unique National ID Card Number. If they would want, they can then use the app to pay a predetermined fee for a complete credit report. The government and the credit agencies can work out a revenue-sharing agreement.

We appreciate everyone participating in this hotly debated policy discussion.

Enjoy your next week!

Girl, 22,dies in boyfriend’s room following an unsuccessful abortion

In Assin Nsuta, in the Assin South District of the Central Region, a 22-year-old hairdressing trainee passed away inexplicably in her boyfriend’s chamber.

Around 8 p.m. on Thursday, November 23, 2023, the regrettable incident occurred.

Maa Adwoa, also known as Mary Aidoo, died after extensive bleeding, according to reports and evidence acquired by Countryghana.

Her 27-year-old lover, Emmanuel Addo, gave her an illicit medicine to abort her two-month pregnancy in order to keep their marriage intact, which is what caused her unexpected death.

The body was kept in the room by the suspect, who is currently being held by the police as they assist with the investigation, until Friday afternoon at approximately 1 pm, when all of his roommates left the house to go about their daily lives, in order to hide the news from the townspeople.

When the suspect hired a taxi to transfer the victim to Assin Anyinabrim Health Center, he was directed to St. Francis Xavier Hospital in Assin Fosu, where the on-duty physician declared her dead. The suspect was accompanied by his closest confidante, who has been identified as Archimedes.

The defendant was encouraged to turn himself in to the police after realizing the seriousness of the violation and avoiding the full force of the law.

According to the source, the Police collected some tablets and empty pill wrappers from the suspect’s room throughout the course of the inquiry and preserved them as exhibits.

During a thorough search, pregnancy test kits and other drug shells were taken from the deceased chamber.

Although the case has not yet been filed in court, the suspect’s family and a few traditional leaders in the community have contacted the bereaved family in an attempt to resolve the situation outside of court. One of these leaders is an Asafoakye who goes by the stool name Nana Abena Darkoah and is running to be an assembly member for the Assin Nsuta electoral area.

According to the source, in order to persuade the relatives of the deceased that the suspect was detained and that the deceased was dead and would never return, they promised to pay for the funeral, the cost of the coffin, and some compensation during the negotiation.

A few members of the bereaved family, who appear to have consented to the terms, have requested that the agreement be documented in order to reduce the possibility of future miscommunication and dissatisfaction.

To ascertain the truth, the police of the Central North Regional Command have therefore opened an investigation.

High Court Dismisses Sexual Harassment Claims Against Former Bank CFO

Deborah Seyram Adablah

In a recent court ruling, the High Court in Accra has dismissed the sexual harassment claims brought against a former Chief Finance Officer of First Atlantic Bank, Ernest Kwasi Nimako. The plaintiff, Deborah Seyram Adablah, a former National Service Person (NSS) at the bank, had alleged that she was subjected to sexual advances and harassment by Nimako during her time at the bank.

The court, presided over by Justice Olivia Obeng Owusu, ruled that Adablah failed to provide sufficient evidence to support her claims. The court also noted that Adablah had admitted to having a consensual sexual relationship with Nimako, which undermined her allegations of sexual harassment.

In addition to dismissing the claims, the court also ordered Adablah to pay a cost of GH¢10,000 to the defendants.

Background to the Case

Adablah had filed the lawsuit against Nimako and First Atlantic Bank in January 2023. She alleged that Nimako had promised to help her with her career and finances in exchange for sexual favors. She also claimed that Nimako had made unwanted sexual advances towards her and had subjected her to verbal abuse.

The bank had denied the allegations and had filed a motion to strike out its name from the lawsuit. The court granted the bank’s motion in July 2023, leaving Nimako as the sole defendant.

Legal Experts Weigh In

Legal experts have expressed mixed reactions to the court’s ruling. Some experts have commended the court for its thorough and impartial assessment of the evidence. Others have expressed concern that the ruling may discourage victims of sexual harassment from coming forward.

“This is a setback for victims of sexual harassment,” said one legal expert. “The court’s ruling could send a message that victims will not be believed if they cannot provide concrete evidence of harassment.”

However, other experts have argued that the ruling is consistent with the legal principles surrounding sexual harassment.

“The court has set a high bar for proving sexual harassment,” said another legal expert. “This is necessary to protect employers from frivolous lawsuits.”

The Importance of Workplace Protections

The case of Deborah Seyram Adablah highlights the importance of workplace protections against sexual harassment. Employers have a responsibility to create a safe and respectful work environment for all employees. This includes taking steps to prevent sexual harassment, investigating complaints promptly and effectively, and taking appropriate disciplinary action against harassers.

Victims of sexual harassment should also be aware of their rights and resources. They should feel comfortable reporting harassment to their employers or to the appropriate authorities. They should also know that they have the right to seek legal action against their harassers.

KNUST student dies hours before his graduation

KNUST student dies hours before his graduation : According to reports, Christian Nsiah Aboagye, a final-year Master’s student at Kwame Nkrumah University of Science and Technology (KNUST), died the day before he was scheduled to graduate.

The university community’s grief was conveyed by the “Voice of KNUST,” a campus-based Twitter handle, which tweeted the news.

Aboagye was reportedly seeking a master’s degree in architecture, according to Voice of KNUST.

They also stated that the late Christian’s brother had informed them of his passing.

It was discovered that Christian and his pals had been planning to buy a graduation suit specifically for the event. Their intentions were dashed, though, when they learned of Christian’s untimely death via phone a few hours before the graduation ceremony.

The message, which included a photo of the dead, said:

“Christian Nsiah Aboagye, a Master of Architecture student of KNUST, passed away just moments before his graduation ceremony. “We had planned to buy his graduation suit, but unfortunately, we couldn’t find one on Friday evening. Therefore, we made arrangements to get it early on Saturday morning.

“However, on Saturday morning, we received a heartbreaking call from his brother, informing us that Chris was no longer with us. – A close friend.”

“Christian Nsiah Aboagye, a Master of Architecture student of KNUST, passed away just moments before his graduation ceremony. “We had planned to buy his graduation suit, but unfortunately, we couldn’t find one on Friday evening. Therefore, we made arrangements to get it early on Saturday morning.

“However, on Saturday morning, we received a heartbreaking call from his brother, informing us that Chris was no longer with us. – A close friend.”

E-levy: Ghanaians deserve an account of the massive infrastructure -Bright Simons

Bright Simons, the vice president of Imani Africa, has requested that the government answer to the Ghanaian people on the manner in which the revenues from the Electronic Transaction Levy (E-Levy) have been applied to create infrastructure and change, as promised.

He made this request in light of the explanation provided for the E-levy’s implementation, which said that it would be utilized to fund infrastructure improvements and other national development requirements.

Remember how Mr. Davis Ansah Opoku, the MP for Mpraeso constituency for the New Patriotic Party (NPP), pleaded with Ghanaians to back the E-Levy so that the government could fund more development projects?

He stated that the administration was certain that the E-Levy would ultimately result in enormous benefits and that it had carefully examined the financial consequences of the proposal.

He declared, “We are not in normal times; the COVID-19 pandemic has imposed severe challenges on global economies, and the government has had to make this difficult decision.”

While the levy may not be what Ghanaians and the government had hoped for, Mr. Opoku told the chiefs and residents of Osubeng in the Kwahu South Municipality that the obstacles brought about by the COVID-19 pandemic made it necessary for the government to carry out more development projects.

“We are cognizant of the difficulties Ghanaians are enduring, and we share their worries. However, in order to raise people’s standard of living, we need to run the government apparatus and carry out several development initiatives.

After the appropriations law and budget were approved by Parliament, we need to locate the funding to carry out the numerous development projects included in the budget. Without the required funds, we are unable to complete this.

“The E-Levy is a strategic tool to help raise funds for development, considering the challenges imposed on the country by the unrelenting Covid pandemic,” he said.

The e-levy policy went into effect on Sunday, May 1, 2022, following multiple back and forth in Parliament over the bill’s passage amid tense discussions and exchanges between the Minority and the Majority.

The e-levy will provide a means for all residents to participate in revenue generation initiatives aimed at advancing national development, according to Finance Minister Ken Ofori-Atta.

He stated, “Contrary to the impression being created by Parliament, Ghanaians are largely in favor of paying the E-Levy; however, we have to explain to them the levy’s merits and the positive consequences it will bring.” at the 24th meeting of the Ministerial Committee of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).

“I think Ghanaians deserve an account of where the massive infrastructure & transformation certain MPs promised during the debate are,” Mr. Bright Simons tweeted on Thursday, November 23, 2023, eighteen months after the e-levy went into effect. Who’s not in agreement?

I cannot lead 2024 campaign with the bad roads – Western Region NPP chairman

I cannot lead 2024 campaign with the bad roads – Western Region NPP chairman : Francis Ndede Siah, the Regional Chairman of the New Patriotic Party (NPP) in the Western Region, has issued a warning: if the government does not address the road infrastructure deficit, particularly in the Jomoro Constituency, he would not be able to head the party’s presidential campaign in the region.

The regional chairman claims that although road development has generally lagged throughout the constituency, Jomoro’s unique situation is particularly depressing.

“It will be difficult for me to campaign in my own seat of Jomoro if they are unable to come and mend the road. There’s nothing to see, and I have nothing to say.

In an interview with Despite Media’s Neat FM on November 23, he said, “I cannot go there and stand on a platform, and no presidential aspirant can come here for me to lead him to that constituency.”

Mr. Siah observed that Jomoro, a significant contributor in terms of natural resources, appears to have been overlooked in favor of the others when comparing the constituency to others in the region.

“The GNPC and Ghana Gas have constructed a facility in Ellembelle, but the oil and gas in the area originate from Jomoro, making the road a challenging 18 to 20 kilometers long.

Jomoro is the source of the necessary raw material supply. Compare the developmental stages of Jomoro with Ellembelle. Ellemebelle and Jomoro are far away, as if we are unimportant. You cannot have it and eat your cake, he said.

The regional chairman claims that he has tried to get the administration to address his issues, but he has always been met with silence. He said that if the request is not granted, the party could lose the 2024 presidential contest.

“I forwarded it to the cabinet for review and retreat. I’m not sure where else I haven’t brought up this matter. The same thing happened in the 2020 election; I issued a warning that until the problem of galamsey is resolved, the NDC will win the Western Region, and it did.

“Many things have not changed; we have not learned our lesson. We all come to experience politics, my brother, and we will eventually move on from it, but I won’t jeopardize my hard-earned reputation so that others can make fun of me,” he said.

Bawumia was fiercely opposed to E-Levy, IMF loan – Kate Gyamfua claims

Bawumia was fiercely opposed to E-Levy, IMF loan – Kate Gyamfua claims : New Patriotic Party (NPP) National Women’s Organizer Kate Gyamfua has said that Vice President Dr. Mahamudu Bawumia opposed the government’s decision to seek a bailout from the International Monetary Fund (IMF) and the passing of the E-Levy tax handle.

During a November 23, 2024, interview with Peace FM’s Kokrokoo, Gyamfua asserted that Bawumia and Ursula Owusu-Ekuful, the Minister of Communication, had opposed the E-Levy’s implementation during a party caucus meeting.

It is widely believed by the public that Bawumia had support from President Akufo-Addo during the flagbearer elections. As the only confirmation I have from the presidency that Bawumia has won is 15%, I would want to say that anyone claiming otherwise is lying.

You should allow someone to dispute what I am telling you. I am the one telling you. I will go defend this matter if they contact me; otherwise, this shouldn’t have come up. I’m just exhausted.

A pair of members expressed their opposition to the E-levy during its introduction. Why tax the money of the poor, as Bawumia claimed, when the E-levy will impact them? He never consented to the E-levy; in fact, he actively battled it.

“Any NPP member who wishes to contest this should come forward; I am the one informing you. During the meeting, Bawumia and Ursula Owusu argued against the E-levy, saying that it was unimportant and that they should focus their efforts elsewhere. That hasn’t improved our economy in any way, that is true,” she remarked.

As the NPP National Women’s Organizer continued, she disclosed that Bawumia again objected to talks over asking the IMF for financial relief.

The Vice President was praised for his position, she added, but President Nana Addo Dankwa Akufo-Addo was worried about the situation’s potential to worsen and the consequences of failing to get the IMF’s backing.

In a meeting, Bawumia expressed her opposition to our approaching the IMF. In his view, people have this amount here and ought to hang onto it, thus he suggested that Ghana could raise the money it is requesting from the IMF locally.

We even applauded him, but the President indicated he wanted to avoid a situation getting out of control before going to the IMF, she claimed.

Ghana is progressing that other countries are calling us – Stephen Amoah

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Stephen Amoah, the deputy minister of trade and industry, has praised President Nana Addo Dankwa Akufo-Addo’s administration and said it has set an example for other African governments.

The MP from Nhyiaeso claims that the current president has managed national matters so admirably that foreign leaders have called on him.

In an attempt to refute criticism from the National Democratic Congress (NDC), he made this claim on Tuesday, November 21, while addressing on the floor of parliament during a debate on the 2024 budget.

He stated, “I am telling them (NDC) today that even other countries on the continent of Africa are calling us because of where Ghana is going under His Excellency Nana Addo Dankwa Akufo-Addo.”

He emphasized that Ghana’s economy has improved and advanced more under the NPP administration than it ever did under the NDC.

“Mr. Speaker, this administration is the ideal government because it recognizes the necessity for me to reduce my spending.

Check 2023 to see how our target spending was different from the actuals, which showed a positive 14 percentage point difference. They ought to go check; we take off 104 billion out of roughly 121 billion.

“This clearly shows that our government is serious and knows how to control costs in order to stabilize, rebuild, and consolidate the economy,” he continued.

I am hurt and i will never forget this-Dormaahene reacts to his injunction from Berekumhene’s funeral

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I am hurt and i will never forget this-Dormaahene reacts to his injunction from Berekumhene’s funeral :Osagyefo Oseadeeyo Nana Agyeman Badu II, the paramount chief of the Dormaa Traditional Area (Dormaahene), has responded to the injunction that was filed against him to prevent him from attending the last funeral rites of the late Daasebre Dr. Amankona Diawuo II, the paramount chief of the Berekum Traditional Area (Berekumhene).

According to reports, Nana Agyeman Badu II was ordered not to take part in the funeral ceremonies of the late Daasebre Dr. Amankona Diawuo II by the Sunyani High Court.

The court’s ruling was the result of a lawsuit brought by Osabarima Kyere Yeboah Darteh II of the Berekum Traditional Council, who voiced worries about possible disturbances to the peace as a result of divergent arrangements for who would attend the burial.

According to sources, the legal action was taken to prevent potential conflicts because the Dormaahene planned to attend the burial with Otumfuo Osei Tutu II, the Asantehene.

Speaking about the situation in a widely shared video that CountryGhan was able to view, the Dormaahene claimed that the Ministers of Chieftaincy and National Security had urged him not to go to the funeral.

He declared that he would never forget what had happened, even though it did not bother him.

I received calls from the Ministers of National Security and Chieftaincy, and upon hearing their conversation, I found myself both amused and depressed.

However, since I was the one who was supposed to honor the Berekumhene, I am not upset by this. I have nothing to say about the events that have occurred. However, I would never forget what had happened, and I would eventually gain importance among the Berekum people,” he remarked in Twi.

Chief of Staff: “We will minimize the suffering as soon as possible” in response to the Akosombo Dam spill.

Chief of Staff: “We will minimize the suffering as soon as possible” in response to the Akosombo Dam spill. Akosua Frema Opare-Osei, Ghana’s Chief of Staff, has stated that the government of Ghana is determined to protect the welfare and well-being of those impacted by the Akosombo Dam disaster.

On Wednesday, November 22, 2023, the politician emphasized during a news conference in Accra that the Akufo-Addo administration will exert all of its resources to alleviate the severity of their suffering.

“With the help of government agencies and other well-meaning partners, we are confident that we can minimize or reduce the suffering in the shortest amount of time,” the speaker stated.

Frema Osei-Opare promised during her speech that the government will pay a visit to the people affected by the floods in the country’s northern and savannah regions, which were brought on by excessive rains.

In addition to the VRA spill, the severe rains had a negative impact on a large number of Ghanaians. Additionally, Oti, Savannah, and the Northern Region have all been discussed. We must also consider the residents of those places.

“As you witnessed the ministerial committee do to the people of Mepe and subsequently to Buipe, we will shortly be visiting other impacted regions. We’ll be working in other locations to inform the public about other areas that are impacted, what the government is doing, and what each and every one of us as citizens can do,” she continued.

In the wake of the Akosombo Dam’s overflowing water, which caused some villages in the Volta Region to flood recently, President Nana Addo Dankwa Akufo-Addo established an interministerial committee to oversee the government’s reaction to the victims.

It is anticipated that the committee will collaborate in order to evaluate the circumstances, determine which needs are most urgent, and put plans in place to lessen the negative effects of the flooding on the impacted residents.