In today’s recent news, it has been confirmed that Toyota Ghana launches its Assembly Plant in the Freezones Enclave in Tema.
President Nana Addo Dankwa Akufo-Addo on Tuesday commissioned a Toyota and Suzuki vehicle assembly plant in Ghana.
The assembly unit, a $7 million investment with annual production capacity of around 1,330 units, follows the launch by Volkswagen of a 5,000 unit per year capacity assembly facility in August 2020.
The plants are the result of global automakers such as VW, Nissan, Toyota, Honda and Peugeot waking up to the potential of the African market, traditionally dominated by used-car sales.
At the launch, Akuffo-Addo said Ghana aims to boost its auto sector and attract automakers with generous fiscal incentives to assemble and produce cars in the country.
“The use of foreign exchange to import cars in Ghana will be reduced, at the same time, the export of made in Ghana cars to other African markets will earn our nation much needed foreign exchange,” Akuffo-Addo said.
Ghana passed a law to ban the import of second-hand cars older than 10-years old from October last year but suspended the decision indefinitely after pressure from importers who feared job losses.
In summary, Toyota Assembly Plant Launches In Ghana and the Minister of Trade and Industry is working with other state institutions such as the Ghana Integrated Aluminum Development Corporation (GIADEC) and the Ghana Integrated Iron and Steel Developing Corporation to develop locally, the required raw material value chains to free the manufacturing sector of the automobile industry.