Ghana now recognised as an emerging hub for vehicle assembly - KT Hammond

Minister of Trade and Industry, Kobina Tahir Hammond, has averred that Ghana is now recognized as an emerging hub for vehicle assembly following the deliberate policy intervention to create a new automotive sector.

Ghana currently hosts six vehicle assembly plants which produce 11 vehicle brands Volkswagen, Toyota, Suzuki, Nissan, KIA and Hyundai.

Making this known at the Ghana Mutual Prosperity Dialogues in Accra on Thursday, November 2, 2023, Mr Hammond noted that the output from these vehicle assemble plants could be increased from 2,800 vehicles to about 7,500 by next year.

He also added that the legislative instruments for the full implementation of the automotive policy would be completed in 2024.

Also, 2,000 jobs would be created within a year from vehicle assembling.

The Minister of Trade and Industry said, “It is profound to note that over a relatively short span of 3 years of a deliberate policy intervention to create a new automotive sector, Ghana is now recognised as an emerging hub for vehicle assembly...So far, our estimates suggest that we can increase outputs from Vehicle Assembly Plants from 2,800 vehicles to around 7,500 by 2024, thereby giving us the critical mass to create at least 2,000 jobs within a year from vehicle assembly plants alone."

"Also, our legislative instruments for the full implementation of our Automotive Policy will be completed next year, ensuring that a framework for the development of Vehicle Assembly Plants and automotive components will guide our economic expansion going forward,” he added.

The Ghana Mutual Prosperity Dialogues seeks to raise Ghana's competitiveness, draw in more foreign direct investment, and improve the business climate in the nation.

The Ghana Model Partnership for Development (GMPD) aims to open up investment opportunities and advance Ghana's economic growth by promoting cooperation between the public and private sectors.

The initiative falls under the auspices of the Ministry of Finance, being the key actor in charge of the FDI dialogue in the country with support from the International Finance Corporation (IFC) providing the government with facilitation and technical assistance.

SA/NOQ

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