A Major Leap for Green Mobility in Ghana
First National Bank Ghana has partnered with Solar Taxi to offer a groundbreaking electric vehicle (EV) financing program. This initiative allows homeowners to leverage their property equity to purchase an EV, making sustainable transportation more accessible than ever.
This move is a game-changer for Ghana’s green mobility push, extending eco-friendly vehicle options beyond public transport and into private ownership. With increasing global and local efforts to reduce carbon emissions, this initiative could significantly reshape Ghana’s transportation landscape.
Why This Partnership Matters
Ghana has been making strides in sustainable transportation, but until now, EV adoption has been slow due to high upfront costs. The collaboration between First National Bank Ghana and Solar Taxi addresses this challenge by offering an affordable financing model for electric cars.
According to Kojo Addo-Kufuor, Executive Head of Home Loans Business at First National Bank Ghana:
“This partnership with Solar Taxi is a testament to our dedication to sustainability and innovation in the mortgage space. We’re giving homeowners a unique opportunity to invest in cost-effective, environmentally friendly transportation.”
This means that Ghanaians can now finance an EV just like they would a home—by tapping into their property equity.
Solar Taxi’s Chief Investment Officer, Loving Asibey Koranteng, emphasized the long-term impact:
“This is a game changer for sustainable mobility in Ghana. By making EVs more accessible, we’re helping homeowners cut carbon emissions and reduce transportation costs.”
How the EV Financing Works
This innovative financing model allows homeowners to access up to 70% of their property’s value through First National Bank Ghana’s Equity Release Loan. Here’s how it works:
✅ Homeowners can apply for an Equity Release Loan to purchase an EV.
✅ Up to 70% of the property’s value can be used for financing.
✅ The financing is denominated in USD, ensuring stability and competitive terms.
✅ Both First National Bank Ghana customers and non-customers can apply—as long as they own a titled residential property.
READ ALSO: Ghana’s EV Rollout Faces Challenges Amidst Skills and Infrastructure Gaps
With this approach, homeowners can now drive a brand-new electric vehicle without depleting their savings or taking on high-interest loans.
The Big Picture: Ghana’s Push for Green Energy Mobility
Ghana has been ramping up its transition to green energy solutions, from electric buses in public transit to EV financing for private owners. This collaboration between First National Bank Ghana and Solar Taxi fits perfectly into this national agenda.
Here’s why this move is critical for Ghana’s transportation future:
🌱 Sustainability: Encourages more people to switch to clean energy transportation, reducing carbon emissions.
💰 Affordability: Makes EVs more financially accessible to the middle class.
⚡ Energy Efficiency: Supports Ghana’s renewable energy vision by increasing demand for electric charging infrastructure.
🚗 Private EV Ownership Growth: Expands EV use beyond commercial fleets and into personal vehicles.
Ghana has already started adopting electric buses for public transportation, and with this initiative, private citizens can now join the EV revolution.
Will This Program Accelerate EV Adoption in Ghana?
The success of this initiative depends on several factors:
1️⃣ Infrastructure Growth: Ghana needs more charging stations to support a growing number of electric vehicles.
2️⃣ Public Awareness: Many potential buyers may still have concerns about EV range, charging times, and maintenance.
3️⃣ Government Support: Policies such as tax incentives or reduced import duties on EVs could further drive adoption.
However, by removing the financial barrier, First National Bank Ghana and Solar Taxi are laying the groundwork for wider EV adoption in the country.
Final Thoughts: A Transformative Step for Ghana’s Transport Sector
This bold move by First National Bank Ghana and Solar Taxi is not just about financing cars—it’s about changing the way Ghanaians think about transportation.
By making EV ownership more accessible, Ghana is taking one more step toward a greener, more sustainable future.
Would you consider switching to an electric vehicle under this financing model? Share your thoughts! 👇🏽🚗⚡ #EVRevolution #GreenMobility #GhanaEV
