German car manufacturing giant Volkswagen is set to establish a vehicle assembly plant in Ghana.

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Speaking at the briefing, the President said an agreement has been reached between Volkswagen, the Government of Ghana, and a local Ghanaian company for the assembly and production of automobiles in Ghana.

The President welcomed the move by Volkswagen, explaining that the agreement was reached following a business meeting between officials from Ghana and a German business delegation.

He stressed that the key part of this agreement is that it will boost investment, trade corporation and will reduce the unemployment rate in the country.

“There are so many areas that our bilateral relationship has offered us, but the key part of it for me is the emphasis on investment and trade corporation,” Nana Addo said.

He said Ghana is determined “to deal with the matters confronting our country such as youth employment, the desire of our youth to seek greener pastures elsewhere by improving the management of our national economy.”

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“The stronger the economy we have, the more opportunities it gives to the young people and obviously the pressure that will be on them to embark on those hazardous undertakings will be dealt with,” the President added.

President Akufo-Addo further indicated that, the agreement between government and Volkswagen emboldens the “vision of a Ghana Beyond Aid, a Ghana which will depend more and more on mobilizing its own internal resources to confront the issues of development that there are before us.”

Meanwhile, Ghana will become just the second African country after Rwanda to have a vehicle assembly plant established by Volkswagen.

The $20 million assembly plant set up in Rwanda in April is expected to create around a 1000 jobs.