“We Drive Tourism” · crag.com.gh
On 13 February 2026, the Car Rental Association of Ghana (CRAG) formally signed a Memorandum of Understanding with Bank of Africa Ghana Ltd at BOA’s head office at the Octagon in Accra, establishing a structured Vehicle Finance Facility (VFF) for CRAG members. AAG Transport & Logistics was represented at the signing through our CEO, Daniel Garland, who serves as CRAG’s National Secretary.
The agreement was signed in the presence of CRAG President Michael Sarpong, who travelled from the UK specifically for the ceremony, alongside Vice President Theophilus Ayitey-Adjin, Treasurer Samuel Darkwah, PRO Emmanuel Kwasi Asare, and a delegation of car rental operators. Bank of Africa Ghana was represented by its Deputy Managing Director, Head of Credit, and commercial team representatives.
What the Facility Offers
The Vehicle Finance Facility is a Ghana Cedis term loan built specifically around the realities of fleet ownership — new or used vehicles under five years old, with a repayment structure that reflects how car rental businesses actually generate revenue.
Security arrangements include a charge over the financed vehicle, a Deed of Sale, a blank DVLA Form C, an undated transfer letter, mandatory tracking device installation, and comprehensive insurance from a BOA-approved insurer. On the documentation side, applicants will need an application letter, three years of audited accounts, cash flow projections, a minimum 10% equity contribution, full KYC compliance, and — critically — a CRAG endorsement letter.
Why It Matters
Bank of Africa highlighted its presence in over 20 African countries and its mandate to lend into productive sectors of the economy, positioning tourism and transport as strategic drivers of growth. The bank’s Deputy Managing Director was clear that this partnership is not a one-off transaction but a sector-development commitment — described on the day as a “Together for Life” approach that will extend to advisory support and long-term collaboration alongside financing.
CRAG’s President used the signing to underline the role private car rental operators play in sustaining Ghana’s tourism ecosystem, and raised the need for fleet modernisation given persistent infrastructure gaps in public transport — going as far as proposing future collaboration on bus importation and intercity routes such as Kumasi–Accra. CRAG’s Vice President confirmed strong member appetite already: an estimated 120–250 vehicles in immediate demand, with members citing that older fleet (6–10 years old) is increasingly affecting the customer experience they can offer.
Both sides agreed the MOU is only the starting point. Next steps on CRAG’s side include a general membership meeting to walk through facility terms and bookkeeping requirements, engagement with the Ghana Revenue Authority on VAT input claims and tax structuring for fleet acquisition, and engagement with the DVLA to streamline Form C, transfers and tracking requirements — all aimed at getting members genuinely ready to apply.
An Invitation to Car Rental Operators
If you operate a rental fleet in Ghana, this facility is a direct route to modernising your vehicles without draining working capital — but CRAG membership and endorsement is a condition of access. Operators who want to be ready should start now: get three years of accounts in order, tidy up cash flow documentation, and have proper bookkeeping in place, ideally with an accountant’s oversight.
AAG Transport & Logistics is an active CRAG member, and we’d encourage every car rental operator in Ghana who isn’t yet part of the association to register and take advantage of this facility while it’s freshly opened. It’s a rare instance of formal, regulated banking support built specifically around how this industry works.
Ready to explore CRAG membership?
Reach out to the association directly to begin the membership and endorsement process for the Vehicle Finance Facility.