Ghana to introduce financing scheme for Made in Ghana cars

Ghana to introduce financing scheme for Made in Ghana cars

The government of Ghana has announced that it is working with authorized automobile dealers and distributors as well as leading financial institutions to introduce a comprehensive financing scheme to enable Ghanaians to buy ‘Made in Ghana’ vehicles.

According to Alan Kyeremanten, the Minister of Trade and Industry, the government has entered into negotiations with global automobile manufacturers, including Toyota Ghana Limited, to establish vehicle assembling plants as part of the country’s industrial transformation agenda.

He said the company had signed a Memoranda of Understanding with the University of Ghana to construct a multipurpose training complex for the University’s School of Engineering, which would include a body workshop and practical training for engineering students.

“We will work closely with Toyota and other automobile companies to expand their presence and operations in Ghana especially into the ECOWAS sub-region and particularly with the coming into force of the Continental African Free Trade Area,” he added.

He said the strategic objectives of aggressively promoting the assembling of vehicles in the country was to generate high-quality skilled jobs for the youth, promote import substitution, increase export and improve the balance of payment, and transform the safety and quality of the country’s transport system.

The minister said the government’s vision was to turn the country into a major hub of auto manufacturing in Africa. Vehicle imports in the country exceeded one billion dollars in 2017.

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