Ghana’s Minister of Trade and Industry, Alan Kyerematen 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.
The new MoU signed by the two parties at the sidelines of the 8th Tokyo International Conference on African Development (TICAD) in Tunis, Tunisia, seeks to explore opportunities in capacity and people development, and enhance the potential to export vehicles assembled in Ghana to neighboring countries.
It is also aimed at the possibility of manufacturing the vehicle parts locally to help to develop the automotive market and industry in Ghana, according to Mr Kyerematen.
It would be 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.
In his address, Mr Kyerematen shared strategies to guide Africa’s industrialization agenda highlighting on political commitment; technology and innovation; medium and long term financing; as well as seizing opportunities which the Africa Continental Free Trade Area (AfCFTA) market presents to both investors from Africa and Japan.
TICAD is a Summit-level international conference on Africa’s development initiated by Japan in 1993. The 8th TICAD focused on promoting fair and transparent development financing for Africa.
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.
