Government’s vehicle assembling policy to create 2,000 jobs within a year-K.T Hammond
The government will create 2,000 jobs within a year from vehicle assembly plants due to its deliberate policy intervention, Minister of Trade and Industry, K.T. Hammond has said.
“So far, our estimates suggest that we can increase outputs in Vehicle Assembly Plants from 2,800 vehicles to around 7,500 by 2024, thereby giving us the critical mass to create at least 2,000 jobs within a year from vehicle assembly plants alone. Also, our legislative instruments for the full implementation of our Automotive Policy will be completed next year, ensuring that a framework for the development of Vehicle Assembly Plants and automotive components will guide our economic expansion going forward,” the Minister indicated.
Six vehicle assembly plants producing eleven 11-vehicle brands including Volkswagen, Toyota, Suzuki, Nissan, KIA, and Hyundai are currently in Ghana.
Speaking at the inaugural Ghana Mutual Prosperity Dialogues, Mr. Hammond, said the legislative instruments for the full implementation of the Automotive Policy will be completed next year.
He mentioned that Ghana is now recognized as an emerging hub for vehicle assembly.
“It is profound to note that over a relatively short span of 3 years of a deliberate policy intervention to create a new automotive sector, Ghana is now recognized as an emerging hub for vehicle assembly”.
Mr. Hammond explained further the analytical assessment of where Ghana’s comparative advantages lie has led to a renewed policy focus on developing the textiles, garments, and pharmaceutical sectors, adding, “We expect to create about 30,000 jobs in garments manufacturing and exports by the end of 2024”.
On the One District One Policy initiative, he pointed out that 169 factories were operational at present, and “we expect this number to increase next year”.
He continued that globalization and integrated global value chains also present many opportunities.
As such, by promoting international market access, global trade policies play a key role in facilitating economic recovery by stimulating job creation, supporting businesses of all sizes, and boosting domestic demand.