Akufo-Addo reveals VW and Toyota will start assembling cars in Ghana in 2020

Akufo-Addo reveals VW and Toyota will start assembling cars in Ghana in 2020

- President Akufo-Addo has indicated that a number of car mnaufacturing companies would begin assembling cars in Ghana in 2020

- This formed part of his 2020 State Of the Nation Address in Parliament on Thursday, February 21, 2020

- He added that one of them, Toyota, will start work at Tema in the last quarter of the year

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Two car manufacturing companies, Toyota and VW, are likely to start assembling cars in Ghana in 2020.

This was revealed by President Akufo-Addo during his presentation of the 2020 edition of the State of the Nation Address.

He added that Sinotruck, which is also interested in doing business in Ghana, would also begin the same process this year.

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Business Insider reports that Toyota would start working in Tema in the last quarter of the year 2020.

“We launched the Ghana Automotive Development Policy in August last year, and it has, so far, attracted investments and commercial interests from very big players including Toyota, Volkswagen, Nissan, Renault, Hyundai, Sinotruk and Suzuki,” he stated.

In the year 2013, Toyota was estimated to be worth $7.68 billion and has over the years been growing more than 11 per cent year-on-year.

Experts have concluded that the value of Africa’s auto parts market is likely to double in the year 2020.

Meanwhile, five entrepreneurs have created a software-as-a-service (SaaS) suite for organizations to forestall attacks from hackers.

The suite, known as ZeroFox, was built by five entrepreneurs, Chris Cullison, Evan Blair, Hillary Herlehy, James Foster, and Robert Francis.

A study at the University of Maryland revealed that there is a hacker attack every 39 seconds and this affected one in three Americans every year.

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It further showed that an estimated 43% of such attacks are focused on small businesses. In the year 2018, hackers successfully stole half a billion records and this was a 126% jump from the result in 2017. Venturebeat.com reports that Zerofox is capable of detecting risks on social media and digital channels.

This includes phishing, malicious file and link sharing, malware, scams, brand impersonator accounts, piracy and counterfeiting.

The lead investor of Zerofox, Intel Capital, together with existing backers, NEA, Highland Capital Partners, Redline Capital Management, Hercules Capital, and Core Capital, have already showed signs of confidence in the software.

It recently announced a $74 million support which brings its total funding raised to over $150 million. According to James Foster, the chief executive officer of the company, this would lead to a boost in plans for expansion and the advancement of its artificial intelligence and machine learning capabilities.

READ ALSO: Scientists create device that can generate electricity from the air

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Source: Yen

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