Currently, most of the consumers belong to the affluent class hence the automobile industry in Ghana presents massive opportunities for the future as the burgeoning middle class is largely untapped in the country. Most people do not have access to financial loans and other options like lease that make owning an automobile easy. To address this concern, the Mahindra group has tied up with the Fidelity Bank Ghana to provide financial assistance to consumers looking to buy its vehicles. Such initiatives are a must if widespread ownership of automobiles is to be achieved.
Ghana´s automobile industry was initially characterised by major household makes like Nissan, Toyota, Hyundai, Kia in the affordable car segment; and Jaguar, Land Rover, BMW, and Mercedes Benz in the luxury segment.
In the luxury segment, Silver Star Automobile was the sole distributor of Mercedes Benz vehicles while Mechanical Lloyd had the franchise for Land Rover and BMW vehicles. Mechanical Lloyd later lost the Land Rover franchise to Alliance Motors who were already the sole distributors of Jaguar vehicles in Ghana.
The industry from the beginning of 2000 however took a new turn with new firms entering the market, introducing newer franchises. Prestige Motors came in with the Peugeot franchise as well as Tanink Ghana Limited introducing Alfa Romeo, and recently Jeep and Chrysler. However, in what the traditional automobile firms describe as the emergence of the grey market of Ghana´s automobile industry, Stelin Automotive entered the market selling Mitsubishi and later Toyota vehicles from Dubai.
The African automotive industry is expected to grow at a CAGR of 7.48%.To achieve the objective of making Ghana the transportation hub in the sub-region, the Ministry is continuing to pursue the development of transport infrastructure and improve the delivery of services and therefore, the following programmes in the various sub-sectors are being pursued in the 2013 financial year.
Africa now has the fastest-growing middle class in the world. Some 313 million people, 34% of Africa´s population, a 100% rise in less than 20 years, according to the African Development Bank. It is projected to have the largest number of middle class by 2050 and investment experts says that means there is the need for increased financial inclusion on the continent.
Accra is poised to be the fasted growing city in attracting high-net-worth individuals (HNWIs) this is according to the latest study by New World Wealth and AfrAsia. There are approximately 163,000 millionaires living in Africa (as of June 2015), with combined wealth holdings of US$670 billion.