President Mahama pushes salary-based car loans to help Ghanaians buy local cars

President John Dramani Mahama has challenged Ghana’s banking sector to develop long-term vehicle financing schemes that will allow more salaried workers to buy locally assembled cars and repay the cost from their monthly incomes. According to the President, expanding vehicle assembly in Ghana will have limited impact if ordinary workers cannot afford to purchase the vehicles being produced locally. Speaking at the commissioning of the third phase of the Zonda Tec Ghana Assembly Plant on Tuesday, September 15, 2026, President Mahama said banks must develop affordable financing products to bridge the gap between vehicle prices and workers’ incomes. He said such schemes could allow doctors, teachers, nurses and other public and private sector employees to acquire new vehicles through hire-purchase arrangements and pay gradually over an extended period. “It’s good to have these assembly plants producing cars locally, but we must create the instruments for Ghanaians to be able to purchase these cars. And this is where the banking sector comes in,” he said. President Mahama said the government was prepared to work with banks, vehicle manufacturers and other private sector players to develop financing arrangements that would make vehicle ownership more accessible to workers with regular incomes. He explained that eligible employees could select vehicles of their choice and make monthly payments from their salaries until the full cost was settled. “Government is ready to collaborate with the private sector, we’re ready to collaborate with the manufacturers, we’re ready to sit down with the banks and come out with financing instruments that allow people who are employed and engaged and receive an income to be able to take a car of their choice and pay monthly over a certain period until they have defrayed the cost of the vehicle,” he said. The President’s proposal comes as Ghana seeks to deepen local vehicle assembly, create jobs and reduce reliance on imported vehicles. The financing initiative, if implemented, could also create a larger domestic market for locally assembled vehicles by giving salaried workers easier access to credit. For vehicle manufacturers, the move could translate into stronger local demand, while banks could gain a new market for structured consumer lending products. DR/MASource: www.ghanaweb.com
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