The push for a national auto financing scheme is gaining traction as the Importers and Exporters Association of Ghana throws its weight behind the Vehicle and Assets Dealers Union of Ghana’s (VADUG) demand for a policy that makes vehicle ownership more accessible to Ghanaians.
The two influential trade associations are calling on the government to develop a structured auto financing framework that enables banks and financial institutions to provide credit facilities to vehicle buyers, especially public and private sector workers who struggle with high upfront costs.
According to the Importers and Exporters Association, the lack of accessible vehicle financing has long made driving a luxury rather than a necessity for many Ghanaians. Executive Secretary Samson Asaki Awingobit emphasized the need for a scheme that allows consumers to pay a modest deposit, between 15% and 30%, and spread the balance over a period of time.
“Until the government proposes a policy that allows both public and private workers to walk into an auto dealership, pay a deposit, and spread the balance over a few years, driving will remain out of reach for many,” Awingobit noted.
The backing comes just days after VADUG raised similar concerns, stressing that while many Ghanaians desire to purchase vehicles, the lack of financing options and the burden of import taxes have created a barrier too steep to overcome.
VADUG has also criticized what it describes as “obnoxious taxes” at the ports, citing over twenty different charges imposed on vehicle importers and buyers, from Import VAT to AU Levies and Disinfection Fees. The group argues that without both financing and tax reform, the auto sector will continue to struggle.
The alignment between VADUG and the Importers and Exporters Association reflects a growing consensus within Ghana’s trade ecosystem.
