President John Dramani Mahama has urged financial institutions to develop long-term vehicle financing packages to enable more salaried Ghanaians to afford locally assembled cars.
He said the growth of Ghana’s automobile assembly industry must be matched with accessible financing options that allow workers to acquire vehicles and repay the cost gradually from their salaries.
President Mahama made the call on Tuesday, September 15, when he commissioned the third phase of the Zonda Tech Ghana Assembly Plant.
He said the banking sector had an important role to play in bridging the gap between vehicle production and ownership by Ghanaian workers.
According to him, public sector professionals such as doctors, teachers and nurses, as well as employees in the private sector, could afford new locally manufactured vehicles if appropriate credit facilities were made available.
“It’s good to have these assembly plants producing cars locally, but we must create the instruments for Ghanaians to be able to purchase these cars. And this is where the banking sector comes in,” he said.
The President proposed the introduction of hire-purchase arrangements and other long-term credit facilities that would allow employees with regular incomes to acquire vehicles and make monthly payments over an agreed period.
He said government was prepared to work with financial institutions and vehicle manufacturers to develop financing schemes that would make car ownership more attainable.
“Government is ready to collaborate with the private sector, we’re ready to collaborate with the manufacturers, we’re ready to sit down with the banks and come out with financing instruments that allow people who are employed and engaged and receive an income to be able to take a car of their choice and pay monthly over a certain period until they have defrayed the cost of the vehicle,” President Mahama stated.
He said such financing arrangements would complement the expansion of local vehicle assembly and help create a stronger domestic market for vehicles produced in Ghana.
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