GHANA AUTOMOBILE MARKET 2022 - 2027

The Ghana Automobile Market is segmented by Vehicle Type (Motorcycle, Passenger Cars, and Commercial Vehicles) and Component Type (Auto Ancillaries, Engines, and Tires). The report offers market size and forecast for all the above segments in value (in USD Million).

Market Overview

The Ghanaian automobile market was valued at USD 4.60 billion in 2021, and it is expected to reach USD 10.64 billion by 2027, registering a CAGR of 15% during the forecast period (2022-2027).

By the outbreak of COVID-19, the automobile industry in Ghana faced considerable delays in 2020 due to supply chain disruptions in major automotive production hubs worldwide, leading to delays in the shipments of critical automotive components to carry out vehicle assembly operations.

About 70% of vehicles in Ghana are imported from different nations. The automotive sector in Ghana is generally comprised of retailers of imported pre-owned cars and wholesalers who deal in the retailing of new vehicles.

Ghana is the third biggest economy country among West African countries, and it is likely to experience growth in the automotive industry during the forecast period, owing to the increase in “Made in Ghana” vehicles initiated by Kantaka Group in 2016 and the increasing skilled-work force in Ghana automotive industry.

Over the long term, the country's imports of automotive parts and components are likely to increase. The government has planned to reduce corporate tax to around 20-25% and remove special imports levied in the country under its manifesto. Ghana imports about 100,000 vehicles per year.  About 90 percent are used vehicles, with an estimated value of USD1.14 billion annually. The United States, Japan, and Germany are leading suppliers.