The Deputy Minister of Trade and Industry, Michael Okyere Baafi, revealed that the government plans to license two additional automobile companies to assemble vehicles in Ghana, bringing the total number of companies in the sector to eight.
Currently, six automobile companies are already assembling 13 different brands of cars in the country.
Mr. Baafi made this disclosure during a business networking reception for Indian companies in Ghana, held last Thursday in Accra and organized by the Indian High Commission.
The event was part of the activities of the 4th Session of the India-Ghana Joint Trade Committee meeting, aimed at discussing trade issues between the two countries.
During various meetings with the government and key stakeholders, the Indian delegation, including investors, explored existing and new areas of trade.
Mr. Baafi encouraged Indian investors and businesses to establish companies in Ghana, particularly in the manufacturing of general car components.
Highlighting opportunities in the automotive industry, especially in general car components manufacturing, Mr. Baafi emphasized the government’s policy to assemble vehicles locally.
He mentioned that the government has entered the second phase of its automotive agenda, intending to support companies in establishing plants in Ghana for manufacturing general car parts.
As part of this initiative, a policy on Vehicle Component Manufacturing is under development.
Mr. Baafi urged Indian companies to leverage the African Continental Free Trade Area (AfCFTA) initiative, using Ghana as a hub to access African markets.
He commended India and Indian companies for their significant contributions to Ghana’s development.
“We don’t take Indian companies for granted. Ghana is where it is because of the support of Indian companies operating in the country,” Mr Baafi stated.
Manish Gupta, the High Commissioner of India in Accra, underscored the significance of the India-Ghana Joint Trade Committee meeting in strengthening trade relations with Ghana and exploring new investment opportunities.
He emphasized that Ghana holds a prominent position in India’s trade and investment priorities.
Highlighting the longstanding trade and economic partnership between the two countries since Ghana’s independence era, Mr. Gupta mentioned areas of cooperation discussed during the Joint Trade Committee meeting, including agriculture, health, pharmaceuticals, and digital technology.
Yofi Grant, the Chief Executive Officer (CEO) of the Ghana Investment Promotion Authority (GIPC), remarked that Ghana is rebounding from economic challenges and is currently performing better than before.
He pointed out the abundance of investment opportunities that make Ghana an attractive destination for business, surpassing its peers in the region.
Mr. Grant expressed the government’s confidence that its ongoing policy implementations would bolster economic growth.
Furthermore, Deputy Minister of Trade and Industry, Michael Okyere Baafi, revealed the government’s plan to license two additional automobile companies to assemble vehicles in Ghana, bringing the total to eight companies in the sector.
Currently, six automobile companies are already assembling 13 different car brands in the country.
Mr. Baafi made this announcement during a business networking reception for Indian companies in Accra, organized by the Indian High Commission as part of the 4th Session of the India-Ghana Joint Trade Committee meeting.
During the meeting, discussions between the Indian delegation, including investors, and the Ghanaian government and key stakeholders covered existing and potential trade areas.
Mr. Baafi encouraged Indian investors and businesses to consider establishing companies in Ghana, particularly in the manufacturing of general car components, given the government’s policy to promote vehicle assembly in the country.
He highlighted the government’s commitment to supporting companies in setting up plants for manufacturing general car parts as part of the second phase of its automotive agenda, with a policy on Vehicle Component Manufacturing currently in development.
Mr. Baafi urged Indian companies to leverage the African Continental Free Trade Area (AfCFTA) initiative, using Ghana as a gateway to access African markets.
He commended India and Indian companies for their significant contributions to Ghana’s development.
“We don’t take Indian companies for granted. Ghana is where it is because of the support of Indian companies operating in the country,” Mr Baafi stated.
Manish Gupta, the High Commissioner of India in Accra, highlighted the purpose of the India-Ghana Joint Trade Committee meeting: to strengthen trade relations with Ghana and explore new investment avenues.
He emphasized that Ghana holds a significant position in India’s trade and investment priorities.
Mr. Gupta underscored the longstanding trade and economic partnership between Ghana and India, dating back to Ghana’s independence era.
During the Joint Trade Committee meeting, discussions encompassed various areas of cooperation, including agriculture, health, pharmaceuticals, and digital technology.
Yofi Grant, the Chief Executive Officer (CEO) of the Ghana Investment Promotion Authority (GIPC), remarked on Ghana’s recovery from economic challenges and its improved performance compared to previous times.
He noted the abundance of investment opportunities in Ghana, making it a favorable destination for business compared to its counterparts.
Mr. Grant expressed the government’s optimism regarding the numerous policies being implemented to boost economic growth.