AAAG Hosts Maiden Automotive Summit
The maiden Ghana Automotive Summit has been held with a renewed commitment from the government to provide a stable and forward-looking policy environment and incentive framework for the Automotive industry to thrive.
Speaking at the summit hosted by the Automobile Assemblers Association of Ghana (AAAG) for automobile experts and industry professionals, Minister for Trade and Industry, Kobina Tahir Hammond, said African Automotive market is expected to grow in size from 1,325,890 units in 2023 to 1,777,690 in 2028, at a Compound Annual Growth Rate (CAGR) of 6.04%.
He further indicated that over the medium term, the market is expected to grow rapidly due to supportive government incentives, urbanization and infrastructural development across major cities.
Seeing the potential, Mr. Hammod said the country created an Automotive Development Policy which opened the gateway for private sector investment targeted at Automotive Assembly segment of the industry.
“Since the opening of this floodgate, six (6) Vehicle Assembly Plants producing Eight (8) Global Brands of Vehicles for the domestic, regional and continental market have established their presence in the country.”
He said aside the implementation of Ghana’s Automotive Development Programme, a Components and Parts Manufacturing Policy has also be created to enhance local content and the localization of spare parts for the after-market and ultimately, component supplies for vehicle assemblers.
He, therefore, expressed delight at the hosting of the summit which will harness the opportunities, enhance cross-country investment cooperation, and harmonise efforts and innovation-sharing.
“There is no better way to plug into the industry with concerted efforts, except through constructive dialogue initiatives such as this maiden Automotive Summit,” he noted.
AAAG President, Jeffery Oppong Peprah, expressed satisfaction at the maiden summit turn-out which explored the future of the automobile industry and the technologies and innovations that will shape it.
He said the summit provided the platform for stakeholders in the country to discuss the issues and opportunities impacting businesses and the automobile industry.
The AAAG membership includes Volkswagen Ghana, Japan Motors, Rana Motors, Kantanka Automobile, Silverstar Ghana, and Stallion Group Toyota-Tsusho Company. Associate members are Toyota Ghana and CFAO Motors Ghana.
The Summit, themed: “Creating A New Economic Backbone for Ghana and The Sub-Region,” was concurrently run along an exhibition of over 20 vehicle models locally assembled in Ghana by the members of the AAAG.
Source: Daily Guide Network
