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Business News of Thursday, 23 July 2020


Govt to establish Automobile Industry Development Center - Ofori-Atta

Finance Minister, Ken Ofori-Atta Finance Minister, Ken Ofori-Atta

Government will establish an Automobile Industry Development Center that will coordinate the technical processes for licensing vehicle assemblers, manufacturers and monitor their compliance with industry regulations and standards, Finance Minister, Ken Ofori-Atta has said.

According to him, the Center will also coordinate and monitor compliance of the automobile industry as well as the implementation of a Vehicle Financing Scheme which will link financial institutions to individuals and groups interested in purchasing newly assembled vehicles in Ghana.

Speaking on the floor of Parliament today July 23, 2020, Ken Ofori-Atta presenting the mid-year budget review for 2020 said the Automobile Industry Development Center will manage an Automotive Skills and Technology Upgrading Programme to provide requisite skills for the industry.

"It is envisaged that the development of the automobile industry in Ghana, which is one of the new Strategic Anchor Initiatives being promoted under the Ministry of Trade and Industry’s Industrial Transformation Agenda, will constitute a significant step towards import substitution and enhancing exports, particularly within the context of the African Continental Free Trade Area (AfCFTA). Ghana is well positioned to become the new automobile manufacturing hub in Africa," he explained.

Mr. Ofori-Atta’s appearance in parliament is in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921).

The budget reading is to give an overview of the macroeconomic development of government over the past 6 months and that for the rest of the financial year.