The government of Ghana has announced plans to license two new automobile companies to assemble vehicles in the country, bringing the total number of companies in the sector to eight.
According to the Deputy Minister of Trade and Industry, Michael Okyere Baafi, the move is part of the government’s efforts to boost the automotive industry and create new opportunities for investment and growth.
Already, six automobile companies are assembling 13 different brands of cars in the country. The new licenses are expected to further increase the country’s vehicle production capacity.
Baafi made the announcement at a business networking reception for Indian companies in Ghana, organized by the Indian High Commission in Accra. He urged Indian investors and businesses to establish companies in Ghana and venture into the manufacturing of general car components.
The government has entered into the second phase of its automotive agenda, with the intention of supporting companies to establish plants in Ghana to manufacture general car parts. A policy on Vehicle Component Manufacturing is currently being developed.
Baafi also encouraged Indian companies to take advantage of the African Continental Free Trade Area (AfCFTA) initiative and use Ghana as a hub to enter African markets.
The announcement was made during the 4th Session of the India-Ghana Joint Trade Committee meeting, which aimed to deepen trade ties between Ghana and India and explore new areas of investment.
The meeting discussed areas of cooperation such as agriculture, health and pharmaceuticals, and digital technology.
The CEO of the Ghana Investment Promotion Authority (GIPC), Yofi Grant, stated that Ghana is recovering from its economic shock and is doing better than previously. He highlighted the numerous investment opportunities in the country and expressed optimism that the government’s policies will help boost economic growth.
