Six different brands of vehicles are currently being assembled in Ghana by the Volkswagen Group.
The vehicles are Tiguan, Teramont, Amarok, Passat, Polo and Caddy.
Similarly, Sinotruk, a leading global manufacturer of Heavy Duty Trucks is also assembling a variety of trucks in Ghana through Zonda Tec Ghana Limited—an indigenous Ghanaian company.
Presenting the mid-year budget today [Thursday, July 23, 2020] at Parliament, Mr Ofori-Atta, many of the automobile companies are heading to Ghana following the government’s introduction of a new comprehensive Automotive Manufacturing Development Policy.
He said the Kantanka Group has also been formally granted a license to continue their auto assembly operations in Ghana and to benefit from incentives under the Ghana Automotive Manufacturing Development Policy.
Mr Ofori-Atta noted that other leading car manufacturers such as Toyota and Nissan Groups are also positioned to establish assemble operations before the end of this year.
“In order to support these new major developments, Government will establish an Automobile Industry Development Center which will among other things, coordinate the technical processes for licensing vehicle assemblers and manufacturers and monitor their compliance with industry regulations and standards,” he explained.
He added “The Center will also coordinate the implementation of a Vehicle Financing Scheme which will link financial institutions to individuals and groups interested in purchasing newly assembled vehicles in Ghana.”
The Finance Minister said “It is envisaged that the development of the automobile industry in Ghana, which is one of the new Strategic Anchor Initiatives being promoted under the Ministry of Trade and Industry’s Industrial Transformation Agenda, will constitute a significant step towards import substitution and enhancing exports, particularly within the context of the African Continental Free Trade Area (AfCFTA).”
According to Mr Ofori-Atta, Ghana is well positioned to become the new automobile manufacturing hub in Africa.