The report, titled ‘Autos Sales Risk/Reward Index, shows that with a Risk/Reward Index score of 37.7, Ghana ranked the 4th least risky automotive market in Africa and the least risky in the Economic Community of West African States (ECOWAS) sub-region.

Ghana's strengths lie in its overall low-risk environment, which outperforms the global average of 50.0, especially in terms of political risk.

“We believe that Ghana's political stability is the linchpin for the future of its domestic automotive production industry,” adding that, “In our Autos Sales RRI, under the short-term political risk index and long-term political risk index categories, Ghana scores by far the best among the West African countries that we cover and comes in at second place in the wider SSA region.”

Mauritius came first, followed by South Africa in second and Botswana in third, taking the top three positions in Fitch Autos Sales Risk/Reward Index (RRI) for the Sub-Saharan Africa region.

Tanzania, Kenya and Uganda followed in 5th, 6th and 7th respectively with Nigeria coming in at 9th.

However, the report said these African countries struggle to break through into the top 50 countries globally. Mauritius only managed to achieve the 69th position.