Mr. Jeffrey Oppong Peprah, Chief Executive Officer of Volkswagen (VW) Ghana, has called for a financing framework to boost patronage of locally assembled vehicles.

He said the financing framework must recognise the current challenge of market dynamics where cash purchases dominate and hinder widespread access to new vehicles.

The CEO said this at the introduction of the new Volkswagen Touareg in Accra.

The Volkswagen Touareg in Ghana boasts a powerful 3.0 TSI V6 engine delivering 250 kW, paired with an 8-speed automatic gearbox and 4motion all-wheel drive for superior performance.

It features striking IQ, Light HD matrix headlights and LED taillights with dynamic indicators, alongside an illuminated Volkswagen logo specially designed for terrains like Ghana.

Mr. Peprah said there was the critical need to shift away from the prevailing cash-based model.

“We see that all vehicles being purchased in Ghana or in the sub-region are mostly cash paid. People save for a longer time and then pay for the vehicle in the longer term,” he said. 

The CEO said this would drive volume, and he think this would be something good for all Ghanaians who would like to drive a vehicle.

He said this trend, worsened by high interest rates on traditional loans currently exceeding 24 per cent, significantly restricted the purchasing power of the average Ghanaian, driving them towards buying imported used vehicles.

Mr. Peprah revealed that presently, the Automobile Association of Ghana was actively engaging the government regarding a government-incentivized loan system for vehicle purchasing.

He noted that the objective of such engagement was to secure lower interest rates, making new, locally assembled vehicles a viable option for a broader segment of the population.

“This is where we see that it is essential for the Ghanaian government and the private sector, including banks and insurance companies, to come together and create something much more affordable for our Ghanaian people who want to buy vehicles,” he added.

The CEO said that this would stimulate the entire automotive value chain, creating jobs and boosting economic growth.

He said the facility would facilitate buying, or the buying power, as people would have a chance to pay in the longer term.

“This will drive volume, and I think this will be something good for all Ghanaians who would like to drive a vehicle,” he said.

The CEO said such initiatives were a crucial step towards reducing the reliance on salvage vehicle imports, which posed safety and environmental concerns.

He said by making locally assembled vehicles more accessible, the market for potentially hazardous imports would shrink.

Mr Peprah expressed optimism that a collaborative effort between the government, financial institutions, and the private sector would lead to the development of a sustainable and effective vehicle financing framework, ultimately benefiting the Ghanaian economy and its citizens.

The Bank of Ghana (BoG) has warned banks against photocopying Ghana Cards for banking transactions, emphasizing that biometric verification must be the standard for identity authentication.

BoG said the practice of photocopying Ghana Cards for customer verification unacceptable.

The directive, which aligns with the National Identity Register Regulations, 2012 (L.I. 2111), underscores the growing risks associated with outdated verification methods such as lookup lists and visual inspections.

Deputy Head of Office under the Financial Integrity Office of BoG, Mr. Ashitei Trebi-Ollennu emphasized, “We have never said that banks should photocopy Ghana Cards. Photocopying leaves room for fraud

and compromises the integrity of transactions.”

Instead, he said, banks must authenticate identities directly through the biometric verification system linked to the National Identification database, ensuring a secure and reliable financial ecosystem.

This position was reinforced during a stakeholder engagement in Accra, organized by Identity Management Systems II (IMS II) Ltd. in collaboration with the National Identification Authority (NIA).

The event on the theme: “Protect Every Transaction with Biometric Verification,” brought together the Bank of Ghana, the Ghana Association of Banks, the National Identification Authority, and representatives from the 25 universal banks in Ghana to discuss the critical role of identity verification in securing financial transactions.

Real-time biometric verification prevents identity theft and impersonation, eliminates reliance on easily forged physical documents, ensures real-time authentication with National Identity Register (NIR) records, and aligns with national and international security standards.

The shift towards biometric identity management

Executive Director of IMS II Ltd, James Cantamantu-Koomson, highlighted the fundamental shift in identity management, stating, “The way we do things is changing.

Identity is at the centre and the engine of our financial system. The database that the National Identification Authority has gathered is one of the most powerful assets we have as a country.”

His remarks underscored the need to transition from traditional manual processes to a multi-modal biometric verification approach that eliminates security vulnerabilities.

The engagement fostered a productive dialogue between the Bank of Ghana, the Association of Banks, the National Identification Authority, and representatives of all universal banks.

Banks provided valuable feedback on how the exchange of information could be enhanced to streamline verification processes and improve efficiency.

The National Identification Authority also re-emphasized its legal mandate, with the Head of the Legal Directorate, Teresa Eson-Benjamin, emphasizing the law that establishes the Ghana Card as the sole form of identification for banking transactions.

This clarification was crucial in ensuring that all financial institutions fully align with the legal framework governing identity verification in Ghana.

The discussions highlighted the importance of biometric verification as the most secure form of authentication, eliminating fraudulent activities associated with photocopied Ghana Cards.

The event called on financial institutions to fully transition to biometric-based verification, ensuring that Ghana’s financial sector remains robust, fraud-proof, and aligned with international best practices.

The engagement was attended by key figures such as Mr. John Awuah, CEO of the Ghana Association of Banks (GAB), Audrey Mireku (Banking Operations, Risk & Cybersecurity), Mr. Ashitei Trebi-Ollennu

(Deputy Head of Office under the Financial Integrity Office of BOG), and Ms. Naa Welbeck (Head of Supervision Unit under the Financial Integrity Office of the Bank of Ghana).

Also present were legal, technology, and biometric experts from the NIA, along with executives from all 25 universal banks in Ghana.

Strengthening trust through biometric authentication

By the end of the engagement, there was a clear consensus: “Trust but verify” must be the guiding principle in Ghana’s financial sector.

The commitment to biometric authentication will not only protect transactions but also reinforce Ghana’s position as a leader in secure digital identity verification.

Dr. Ismael Yamson, Chairman of the National Economic Dialogue Planning Committee, has urged true patriotism, particularly among the political class, to guide Ghana’s economic reset and reform efforts.

Speaking at the opening of the two-day dialogue in Accra, he attributed the country’s current economic challenges to the state of political practices, which he described as a major factor in the nation’s ‘self-inflicted’ economic woes.

“Today, Ghana is characterised by a political mindset motivated by power to loot State coffers for personal gain, selfishness, arrogance and impunity by political leaders and public officers,” he said.

Dr. Yamson remarked that in a political system driven by party interests, the opposition tended to stay inactive, even misleading the public to hinder genuine development efforts, saying, “There’s no longer love for country.”

He pointed out that although Ghana’s economy has faced significant disruptions and challenges from external shocks over its 68 years of independence, the ” “overwhelming majority of our problems are homegrown and self-inflicted.”

Dr. Yamson expressed concern about Ghana’s continued primary reliance on the export of raw commodities to feed its people, alongside pervasive corruption, weak state institutions, and widespread unemployment despite years of independence.

He noted that the situation had forced many young people to seek better opportunities abroad and called for a change in attitude to address the issue.

Dr. Yamson said that it was up to the country’s leaders and citizens to resolve the challenges facing the nation, urging, “Let us take responsibility for resetting our destiny with our own hands.”

“The journey to reset Ghana will not be easy. It will be rough, full of risks and frustrations from within and outside. However, with the determined leadership you have promised and the ownership you take, you shall succeed,” he said.

Speaking at the event, President John Dramani Mahama acknowledged that Ghana’s economic recovery would be difficult but urged all Ghanaians to remain optimistic and work together to “rebuild the Ghana we all want.”

“We owe it to ourselves, our children and our country to rebuild an economy that is resilient, sustainable and capable of delivering real opportunities for every citizen,” he said.