Mahama calls for long-term financing to make locally assembled cars affordable

President John Dramani Mahama has called for the development of long-term vehicle financing schemes to make locally assembled cars more affordable and accessible to Ghanaians.

He said the expansion of vehicle assembly plants must be matched with financing options that allow workers to purchase locally manufactured vehicles and pay for them over time.

President Mahama made the call when he commissioned Phase III of the Zonda Tec Ghana Limited vehicle assembly plant in Tema on Tuesday, September 15, 2026.

“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 said many public and private sector workers, including doctors, teachers, nurses and corporate executives, would be interested in purchasing new vehicles if suitable financing arrangements were available.

He proposed long-term credit facilities that would allow salaried workers to acquire vehicles through hire-purchase arrangements and repay the cost from their monthly incomes.

According to him, government is prepared to work with banks, vehicle manufacturers and other private sector players to develop financing instruments that would make vehicle ownership more accessible.

“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 said.

He described the development of such financing arrangements as the next phase of the government’s industrial strategy, linking local vehicle production to increased access to vehicles for Ghanaian consumers.