Ghana maintains 5th position as most attractive automobile market in SSA– Fitch Solutions
Ghana maintained its position as the 5th most attractive market in the Sub Saharan Africa region.
According to the January 2022 Sub-Saharan Africa’s Auto Sales report by Fitch Solutions, Ghana has a developing automotive sales environment amid a favourable political risk outlook, enabling policy certainty.
In this regard, “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 underdeveloped road infrastructure remains a deterrent for 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.
Nevertheless, it said progress is being made with regards to upgrading and developing the country’s road infrastructure with the recent commissioning of a four-tier interchange in Accra underscoring the progress being made to upgrade the country’s roads.
Also, it said “Ghana’s low levels of vehicle ownership rates highlighted by a score of 10.5 under our ‘vehicle ownership per 1,000 inhabitants’ indicator signals further room for vehicle sales growth going forward as rising incomes lead to first-time buyers entering the market for vehicles.”
This signaled further room for vehicle sales growth going forward, as rising incomes lead to first-time buyers entering the market for vehicles.
Meanwhile, South Africa maintained its 1st position as the most attractive auto market in Sub Saharan Africa, followed by Mauritius and Botswana.