Ghana Needs Financing Framework to Enhance Locally Assembled Vehicle Sales
Volkswagen CEO Jeffrey Oppong Peprah has called for a robust financing framework to promote the purchase of locally assembled vehicles in Ghana. He highlighted that current cash-based purchases hinder access, particularly amid high interest rates. There is an ongoing effort to engage the government for lower interest loans, which could broaden access and stimulate economic growth while reducing reliance on imported used vehicles.
Mr. Jeffrey Oppong Peprah, the Chief Executive Officer of Volkswagen (VW) Ghana, has advocated for the establishment of a financing framework to enhance the purchase of locally assembled vehicles. He emphasized that the current market dynamics, which predominantly favor cash transactions, limit access to new vehicles for a wide audience. Peprah made these remarks during the introduction of the new Volkswagen Touareg in Accra, a model celebrated for its powerful engine and advanced features designed for challenging terrains.
In conclusion, the call for a financing framework highlights the urgent need to address the predominantly cash-based vehicle purchasing model in Ghana. By fostering collaboration between the government, financial institutions, and the private sector, it is possible to create affordable financing options that not only stimulate the local vehicle assembly industry but also improve economic growth and reduce reliance on imported used vehicles. Successful implementation of these initiatives can significantly enhance vehicle accessibility for Ghanaians and support the nation’s automotive sector.
Original Source: gna.org.gh
