President Nana Addo Dankwa Akufo-Addo has inaugurated a newly established vehicle assembly plant in Ghana’s Ga West Municipality, stating that Ghana is set to become the automobile hub of West Africa.
The 13.5-hectare Rana Motors plant is currently the largest among the five vehicle assembly plants operating in the country, with a production capacity of 30,000 cars annually.
The plant’s production capacity will increase to 70,000 when operating at full capacity.
The President stated that the government was working on sector-specific initiatives to drive Ghana’s industrial transformation, and the establishment of the plant was in line with the government’s efforts to industrialize the country and make Ghana an automobile hub within the West African sub-region.
The government has also waived Value Added Tax (VAT) on the sale of domestically-assembled vehicles, prioritized the purchase of locally-assembled cars, and is developing a vehicle financing scheme to enable Ghanaians who currently do not have the financial capacity to purchase locally assembled cars.
The government is also developing a Ghana Automotive Component Manufacturing Policy, which provides incentives to attract investors into the sector, and aims to provide support to the private sector to invest in the local manufacturing of components and parts.