14.6 C
London
Tuesday, October 4, 2022

Ghana is 5th most attractive automobile market in Sub-Saharan Africa– Fitch Solutions

Automobile industry in Ghana Automobile industry in Ghana

Vehicle sale growth rising in Ghana, Report

Poor road network, a deterrent to Ghana’s automobile industry

South Africa maintains 1st position as most attractive auto market

The January 2022 Sub-Saharan Africa’s Auto Sales Report by Fitch solutions has indicated that Ghana maintained its position as the 5th most attractive automobile market in the Sub Saharan Africa region.

The report said Ghana has a developing automotive sales environment amid a favourable political risk outlook, enabling policy certainty.

It stated that “Ghana managed to outperform its regional peers under our short- and long-term political risk scores in our RRI, scoring a respective 59.7 and 70.2 under these indicators”.

However, the country’s poor road network remains an impediment to the country’s potential, as the country score of 16.1 under the ‘quality and extent of transport network’ indicator, underperforms the Sub Saharan Africa’s region average score of 21.3.

Also, with the commissioning of the four-tier interchange, the report noted that progress is being made regarding upgrading and developing the country’s road infrastructure.

“Ghana’s low levels of vehicle ownership rates highlighted by a score of 10.5 under our ‘vehicle ownership per 1,000 inhabitants’ indicator shows an upsurge in the vehicle sales growth as rising incomes lead to first-time buyers entering the market for vehicles.”

South Africa maintained its 1st position as the most attractive auto market in Sub Saharan Africa, followed by Mauritius and Botswana.

Latest news
Related news