VW, Nissan chase African new-car market where financing is rare

Volkswagen Group and Nissan are among automakers planning new plants in Ghana to target West Africa’s largely untapped market of 382 million people. But they face the challenge of finding banks that will offer loans to make buying new cars affordable to the population.

In a country where about 70 percent of imports are second-hand, new car ownership is rare, said Believe Alorbu, who sells older models shipped from the U.S. at half the price of new ones.

“People will sometimes leave the plastic wrapping on their seats” when they buy new cars, she said at her dealership in the capital, Accra.