The automotive industry: …a burgeoning market for investment
‘’This is the first, and there will be many more to come’’. These were the words of the President Nana Addo Danquah Akufo-Addo when the German car maker Volkswagen officially unveiled its first ever range of locally assembled cars. The VW story was birthed in 2018 when the German Chancellor Angela Merkel visited Ghana to strengthen diplomatic and development ties. This saw the German car manufacturer VW, become the first company to sign a Memorandum of Understanding (MoU) with the Ghanaian government for the assembling of vehicles in the country. The car manufacturer subsequently registered its local company VW Ghana; a 100 percent subsidiary of VW South Africa to manufacture six of its models, the Tiguan, Teramont, Amarok, Passat, Polo and Caddy. The official unveiling of the six models on August 3rd,2020 was the pinnacle of the success story for the first phase of VW’s car manufacturing project valued at 10.5 million dollars. In coming months, the company is expected to roll ou...