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Business News of Sunday, 26 July 2020

Source: Class FM

Government okays Kantanka Group’s automobile operations

Finance Minister, Ken Ofori-Atta, has revealed that the government has “formally granted the Kantanka Group a licence to continue its auto assembly operations in Ghana.”

The Kantanka Group, an indigenous automobile assembling company in Ghana, Mr Ofori-Atta intimated, will also be a beneficiary of the Ghana Automotive Manufacturing Development Policy, which, he said, has attracted commercial interests of leading automobile companies to assemble their vehicles in the country.

He, therefore, indicated intentions of the government to set up the Industry Development Centre to coordinate the technical processes for licensing vehicle assemblers and manufacturers and monitor their compliance with industry regulations and standards.

“The Centre will also coordinate the implementation of a Vehicle Financing Scheme, which will link financial institutions to individuals and groups interested in purchasing newly assembled vehicles in Ghana.”

“Furthermore, it will manage an Automotive Skills and Technology Upgrading Programme to provide requisite skills for the industry,” he noted.

Mr Ofori-Atta made the revelation in Parliament during the mid-year budget review presentation on Thursday, 23 July 2020:

“In March 2020, the Volkswagen Group rolled out the first VW locally assembled vehicle. VW Ghana is currently producing six different brands of vehicles, namely Tiguan, Teramont, Amarok, Passat, Polo and Caddy. Both the Toyota and Nissan Groups are also positioned to establish assembly operations before the end of the year. Sinotruk, a leading global manufacturer of Heavy Duty Trucks is also assembling a variety of trucks in Ghana through Zonda Tec Ghana Limited.”

“An indigenous Ghanaian company, the Kantanka Group has also been formally granted a license to continue their auto assembly operations in Ghana and to benefit from incentives under the Ghana Automotive Manufacturing Development Policy,” he added.

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