News: India-based Bajaj Auto has formed a deal with Somoco Ghana to launch boxer motorbikes in Ghana, reports Ghana Web. Senior Vice President at Bajaj Auto, K S Grihapathy said the bikes, which have low fuel consumption and are environmentally friendly, will be made available through three fully equipped sales and service showrooms in Accra, Tamale and Kumasi. Bajaj also highlighted that it aims to establish its sales and service outlets in over 30 towns in Ghana by 2014.
BMI View: Although we had a fairly bullish outlook for passenger car sales earlier in 2013, the lacklustre performance in recent months due to political uncertainty has prompted us to tone down our forecast. We are downgrading our 2013 sales growth forecast to 3.0%, to 9,830 units, from 12.5% previously. While we still believe that consumer spending will increase in the coming years, we have slightly downgraded our long-term car sales growth forecast as the factors necessary to generate wealth, although in place, will take a while to filter through.