Omanghana
President John Dramani Mahama has proposed a long-term vehicle financing arrangement that would allow salaried Ghanaians to purchase locally assembled cars and pay for them gradually from their monthly incomes.
The president said Ghana’s growing vehicle-assembly industry must be supported by affordable credit facilities that enable ordinary workers to buy the vehicles being produced locally.
He made the proposal while commissioning the third phase of the Zonda Tec Ghana Assembly Plant in Tema on Tuesday, September 15, 2026.
Mahama called on commercial banks, vehicle manufacturers and other private-sector institutions to work with the government in developing suitable hire-purchase and credit arrangements.
“It’s good to have these assembly plants producing cars locally, but we must create the instruments for Ghanaians to be able to purchase these cars. And this is where the banking sector comes in,” he said.
Under the proposed system, eligible workers would be able to select locally assembled vehicles and spread the cost over an agreed period. Monthly payments could be linked to their regular salaries rather than requiring them to pay the entire purchase price upfront.
The president said the arrangement could benefit public-sector workers such as teachers, nurses and doctors, as well as employees of private companies and other people earning regular incomes.
“Government is ready to collaborate with the private sector, we’re ready to collaborate with the manufacturers, we’re ready to sit down with the banks and come out with financing instruments that allow people who are employed and engaged and receive an income to be able to take a car of their choice and pay monthly over a certain period until they have defrayed the cost of the vehicle,” he stated.
Mahama argued that establishing assembly plants alone would not be enough to build a sustainable automobile industry if consumers could not afford the finished vehicles.
He said linking local production to accessible financing could increase demand for new cars assembled in Ghana while reducing the country’s heavy reliance on imported used vehicles.
The proposed scheme could also support employment, industrial expansion and local value creation by providing manufacturers with a larger domestic market.
The president’s remarks represent a proposal rather than the launch of an approved financing program. Interest rates, repayment periods, eligibility conditions, participating banks and the method for making salary deductions have not yet been announced.
The government is expected to engage financial institutions, manufacturers, employers and other stakeholders before determining the structure and implementation terms of any eventual scheme.
Source: Omanghana
