Auto industry makes rebound after years of negative growth

After four years of negative growth, the Ghanaian auto industry made a rebound in 2022, recording a growth of 14.7 per cent in terms of volumes, according to data released by CFAO Ghana.

The market recorded sales totaling 5000, with Toyota vehicles emerging as the most sort after vehicles in the country.

Toyota gained 35 per cent increase in sales, followed by Nissan which also grew in double digits (+18.8%). Suzuki maintained 3rd position with a 21 per cent increase in units sold.

Medium-Term Market Trend

Ghanian vehicles market fell down to 5,347 units in 2015 – after hitting 11,788 sales in 2013 – due to the effects of the economic recession. 

However, the market registered a robust recovery in the following years, when in 2017 sales ended with registrations at 9,150. In 2018, the market was hit by another strong sales decline (-21.4%) selling 7,193 units.

In 2019, light vehicle sales kept crumbling. Indeed, the Full-year ended with 5,702 registrations, down 20.8% from the previous year.

Due to the COVID-19 Pandemic full-Year sales for 2020 were 4,710, reporting a decline of 17.4% compared to the previous year.

Sales in 2021 fell another 7.5% to 4,358, while 2022 inverted the downtrend and grew 14.7% in volume to a total of 5,000 sales