Ghanaian Vehicles market in 2022 grows 14.7% to 5,000 sales, reporting a positive performance in every month of the year. Toyota remains the undisputed leader.
Market Trend and Outlook
Ghana’s car market in 2022 totaled 5,000 sales, a 14.7% increase from the previous year. Sales, in fact, grew every month of the year, a great improvement from 2021, that lost all year except in Q2.
Brand-wise, this year the leader Toyota gained 35.0% in sales , followed by Nissan which also grew in double digits (+18.8%). Suzuki maintained 3rd position with a 21.0% 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.
