The Japanese automobile company, Toyota Tsusho Corporation has signed a deal with the Ghanaian government to establish a car assembling plant in the country.
Recall that president Buhari signed a deal with Toyota comapny to invest in Nigeria during his visit to Japan. 7th Tokyo International Conference on African Development (TICAD 7).
According to the Chief Executive Officer of the company, Ichiro Kashitani, who also signed the required Memorandum of Understanding (MoU), operations will commence fully by August 2020.
According to venturesafrica, President Nana Akufo-Addo stated that the signing of the MoU with Toyota was in line with his government’s vision of making Ghana an automotive hub for West Africa and the larger African market.
“We are attaching a great deal of importance to the initiative and development… We want to assure you that, whatever it is we can do on the side of the Ghana government to provide you with the necessary support and assurance that the investment you are going to make in our country will be worth your while, you can count on us to do that,” the Ghanaian leader said.
Toyota’s decision to invest in Ghana comes is surprising considering Nigeria’s President Muhammadu Buhari had earlier urged the automobile company to establish its plants in Nigeria. Instead, the company announced Ghana as its choice during the 7th Tokyo International Conference on African Development (TICAD 7) held in Japan.
This definitely is a huge disappointment for Nigeria. But the automaker insists that Ghana was a more strategic destination to propel growth for the company. Toyota’s Chief Operations Officer in charge of the Africa Division, Imai Toshimitsu, said Ghana was chosen due to its “favourable economic climate.”