Four additional vehicle assembling plants will start operations in 2024, the government has revealed in its 2024 Citizens Budget.
There will also be two manufacturers of automotive components, parts and accessories.
According to the government’s blueprint, an additional 152 One District One Factory (1D1F) factories are currently under construction and expected to be fully operational in 2024 and 2025.
The 2024 Budget has been developed to deepen the implementation of the PC-PEG and protect recent macroeconomic gains, expand investment in the real sector to execute the new growth strategy and set a new course, consolidate and complete ongoing infrastructural projects to enhance productivity and welfare as well as mobilise climate finance to build resilience and promote climate-sensitive growth.
The government will continue to implement policy initiatives, improve infrastructure investments to advance the nation’s economic progress, and ensure Ghana remains attractive for domestic and foreign investors.
“We do this knowing that the key to our prosperity is not handing out free goods and services to our underprivileged folks. Rather, it is by providing skills and finance to enable people to generate income and jobs”, the 2024 Citizens Budget pointed out.
In 2023, the government implemented various programmes aimed at creating jobs and establishing Ghana as the new manufacturing hub in West Africa and Africa.
These programmes included an increase in the number of operational One District One Factory (1D1F) projects from 126 in 2022 to 169, resulting in 169,870 direct and indirect jobs and improvement in Ghana’s position as a growing automotive hub in the sub-region with the commissioning of a state-of-the-art assembly plant to produce KIA brand of vehicles in Ghana by Rana Motors.
Additionally, six major global vehicle manufacturers launched their assembly plants in Ghana, producing 11 brands of vehicles.
There was also a distribution of 10 million pineapple suckers and 500,000 coconut seedlings to farmers and out-growers under the Ghana Export Promotion Authority’s (GEPA) programme and the implementation of the AfCFTA Market Expansion Programme to assist manufacturers and exporters to enter the African duty-free and quota-free market.
Fifty-one Ghanaian companies received AfCFTA Rules of Origin Certification for 300 products in 2023. 63 companies visited markets in Kenya to engage with prospective buyers, focusing on cosmetics, processed foods, alcoholic and non-alcoholic beverages, coconut oil, shea butter, and garments.
