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Government to introduce comprehensive vehicle financing scheme

Alan Kyeremateng

Government says it is working with authorized automobile dealers and distributors and financial institutions to introduce a comprehensive vehicle financing scheme to enable Ghanaians buy vehicles made in Ghana.

Also, the government says it has entered into discussions and negotiations with global automobile manufacturers, including Toyota Ghana Limited, to establish vehicle assembling plants as part of the country’s industrial transformation agenda.

The vehicle assembling and automotive industry is one of the ten strategic anchor industries that is being developed in Ghana, to serve as new pillars of growth and diversify the economy.

Mr. Alan Kyeremanten, the Minister of Trade and Industry, said this at the commissioning of a facility of Toyota Ghana Limited located around the Accra-Motorway road.

He said government would take all the necessary steps to attract component manufacturers to invest in the country under the Component Supply Development Programme and also provide support to Small and Medium Enterprises(SME’s), to participate in the supply chain of the programme.

The Minister said government’s vision is to transform the country into a major modern automobile manufacturing hub in Africa.

He added that, the benefits provided under the Ghana Automotive Policy has attracted Toyota Ghana and other automobile companies to invest in the vehicle assembling and manufacturing industry in the country.

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

He said the strategic objectives of aggressively promoting the assembling of vehicles in the country is 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.

Vehicle imports in the country amounted to over one billion dollars in 2017.

He said Toyota Ghana’s presence in Ghana has progressively achieved operational excellence and quality performance through its Corporate Social Responsibilities (CSR), which has impacted the lives of Ghanaians, urging them to continue to make more advances in responding to the needs of citizens.

Mr. Takuya Kajiura, the Managing Director of Toyota Ghana Limited said the company had increased its shares in the automobile market to 26 per cent, emerging as the number one company by the Ghana Automobile Distributers Association statistics.

He said the company has 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 a practical training area for engineering students.

“We have considered corporate social responsibility as a tool for national development and a pillar for business growth. We annually commit a portion of our profit to CSR activities in the areas of health, environment, education and road safety,” he added.

Toyota Ghana Company was incorporated in Ghana in 1998 by the investment of Marubeni Corporation, Japan and Marubeni Auto Europe in South Africa and Belgium.

Source: GNA

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