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Business News of Monday, 2 November 2020

Source: dailymailgh.com

Toyota acquires license to assemble vehicles in Ghana

Toyota Tsusho Corporation Toyota Tsusho Corporation

Toyota Tsusho Corporation has announced that it has acquired a license for a vehicle assembly business, a first for a Japanese company in Ghana.

The planned production capacity of the new plant is 1,300 units annually, and the plant is going to conduct SKD production of the Toyota Hilux pickup truck.

The new plant will be constructed in Tema (30 km from the capital city of Accra) at an investment cost of approximately 7 million US dollars, and there are plans to hire approximately 50 new employees. Preparations are underway to commence operations in mid-2021.

Toyota Tsusho took overall business and operations in Africa from Toyota Motor Corporation in January 2019 and has been reinforcing initiatives in Africa.

With the establishment of TTMG, Toyota Tsusho Group will have vehicle production sites in five African countries following Kenya, Egypt, Nigeria, and Rwanda. In addition to engaging in the automobile sales business, Toyota Tsusho will perform local production tailored to market needs, contributing to the development of the automobile industry in Africa.

This project is being implemented pursuant to the Memorandum of Understanding regarding a partnership for the development of the automotive industry executed by Toyota Tsusho and the government of Ghana at the Seventh Tokyo International Conference on African Development (TICAD7), which was held in Yokohama in August 2019.

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