Ghana Signs MoU with Toyota Tsusho to Develop Automotive Industry
Minister of Trade and Industry, Alan Kyerematen on the sidelines of the 8th Tokyo International Conference in Tunis, Tunisia, signed a Memorandum of Understanding (MoU) with Toyota Tsusho Corporation to continue to develop mutual collaboration for contribution to the Ghanaian automotive industrialisation sector, economy and society.
It is recalled that in August 2019, he signed an MoU with Toyota Tsusho Corporation during the TICAD-7 Summit in Yokohama, Japan for the establishment of the Toyota Tsusho Manufacturing Ghana (TTMG) vehicle assembly plant.
The Plant was finally launched in June 2021. TTMG is currently assembling the Toyota Hilux (SKD). It would commence the assembling of Suzuki Swift vehicles before the end of this year, 2022.
The new MoU signed by Mr. Kyerematen seeks to explore opportunities in capacity and people development and enhance the potential to export vehicles assembled in Ghana to neighboring countries.
According to the Trade minister, it is also aimed at the possibility of manufacturing the vehicle parts locally to help to develop the automotive market and industry in Ghana.
Government’s delegation at the conference included Shirley Ayorkor Botchwey, Minister for Foreign Affairs and Regional Integration, Deputy Minister of Finance, John Kumah, and other Senior Government officials as well as Ghana's Ambassador to Tunisia.
TICAD is a Summit-level international conference on Africa’s development initiated by Japan in 1993.
The conference brought together African countries and development partners, including international and regional organisations, donor countries, Asian countries, the private sector and Civil Society Organizations, to deliberate on Africa's development.
TICAD-8 focused on promoting fair and transparent development financing for Africa.
In his address, Mr. Kyerematen shared strategies to guide Africa’s industrialisation agenda highlighting political commitment; technology and innovation; medium and long-term financing; as well as seizing opportunities that the Africa Continental Free Trade Area (AfCFTA) market presents to both investors from Africa and Japan.