Toyota Tsusho Corporation and Ghanain government has reached agreement to set up vehicle assembly plant in Ghana.
The president and chief executive officer of Toyota Tsusho Corporation, Ichiro Kashitani announced on Thursday adding that the company will start assembling its vehicles in Ghana from August 2020.
According to the Ichiro who was Speaking on Thursday during the signing of memorandum of understanding (MoU) with the Ghanaian President, Nana Akufo-Addo, revealed that the establishment of a Toyota and Suzuki assembly plant in the country will last for life.
“We consider the project of the assembly plant a marriage. It lasts for life, and it is a long-term project,” he said
President Nana Akufo-Addo, while commenting on the success, however,noted that the signing of the MoU with Toyota Tsusho complement the vision of making Ghana an automotive hub for West Africa and the larger African market.
He further stressed that Ghana is the base to reach the larger African market with the coming into force of the African Continental Free Trade Area (AfCFTA).
The President said: “We are attaching a great deal of importance to the initiative and development,” the president said.
“We want to assure you that, whatever it is we can do on the side of the Ghana Government to provide you with the necessary support and assurance that the investment you are going to make in our country will be worth your while, you can count on us to do that.”
Chief operations officer, in charge of the Africa division of Toyota, Imai Toshimitsu, in also said the decision to set up the plant in Ghana has been necessitated by the favourable economic climate prevailing in the country.
In his words: “We are willing to participate in the automotive industry in Ghana,” he said.
“I am very happy that we have reached the consensus and principal agreement to start the Toyota and Suzuki assembly plants. We are planning to kick-off the project immediately, and, hopefully, we will have first car made in Ghana this time (August) next year. Thank you very much for your support.
“The products to be assembled in Ghana include the Toyota Hilux pickup, which is already popular in Ghana. Since it will be locally produced, I hope it will be more popular. We are also planning to introduce small passenger cars, with two Suzuki brands,” he stated.
“So, Suzuki products will be assembled and sold in Ghana. The cars which will be produced in Ghana are our core models for Africa and Ghana customers.”