Mahama urges banks to offer long-term financing for locally assembled cars

President John Dramani Mahama has urged banks and other financial institutions to develop long-term vehicle financing schemes to enable more salaried Ghanaians to purchase locally assembled cars.

He said the growth of Ghana’s automotive assembly industry must be matched by financing arrangements that make locally manufactured vehicles affordable to workers who may otherwise struggle to pay for them upfront.

He made the call on Tuesday, September 15, at the commissioning of the third phase of the Zonda Tec Ghana Assembly Plant.

“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,” President Mahama said.

He noted that doctors, teachers, nurses and private-sector employees could benefit from suitable financing arrangements that allow them to repay the cost of vehicles over time.

The President said government was prepared to work with banks, manufacturers and other private-sector players to develop hire-purchase and other credit facilities that allow employed Ghanaians to pay for vehicles from their salaries.

“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,” he said.