Ghana vehicles market in 2020 reported a double-digit drop as the pandemic influences sales. Indeed, 3.098 units were sold Year To Date until August, losing 18.5% compared to last year. Nissan maintains leadership despite losing 16.3%, while the top 10 gainer was Ford, with a 27.8% increase in sales.
The economy contracted markedly in Q2 as Covid-19 and associated containment measures weighed heavily on domestic activity and foreign demand. The downturn was chiefly driven by contracting output in the industrial and services sectors, with the hotel and restaurant sector taking a particular hit due to domestic and foreign travel restrictions.
Turning to Q3, available data paints a mixed picture. In the first two months of the quarter, private-sector operating conditions improved marginally on average, suggesting that the economy bottomed out in Q2. However, oil prices, which had rallied since the mid-Q2 slump, lost traction in Q3 and will weigh on the economy.
Moreover, the deteriorating state of government finances due to the pandemic led S&P Global Ratings to downgrade its credit rating from B to B- in mid-September; however, the outlook was upgraded to stable from negative.
Market Trend Year To Date
In Ghana 3.098 units have been sold until august 2020, reporting a loss of 18.5% compared to last year. This negative trend in the market reflects the impact of the pandemic in the region, where infections reached a peak at the beginning of August.
Brand-wise, Nissan remains in leadership while almost matching the trend (-16.3%), followed by Toyota, falling by 16% as well. The worst top 10 performance was registered by Renault with a 29.2% decrease in sales. Meanwhile, the top 10 performer is Ford, increasing sales by 27.8% and jumping 5 spots in the ranking.
Medium Terms 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 vehicles sales kept crumbling. Indeed, the Full-year ended with 5.702 registrations, down 20.8% from the previous year.
In the Q1 of 2020 the market was slightly underperforming, with 1.327 units sold and a loss of 7.3%. In the First Half 2.139 vehicles were sold, the market reported a loss of 25.1%, reflecting the impact of the pandemic in the region.
Tables with sales figures
In the tables below we report sales for the Top 10 Brands
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