Government has reiterated its commitment to the fruition of a pharmaceutical manufacturing policy to enhance the activities of churning out pharmaceutical products in the country.
This policy when fully implemented will attract investment for the pharmaceutical industry and boost the economic fortunes of the nation.
Speaking during the 2022 India – Ghana Pharma Business Summit in Accra, a Deputy Minister of Trade and Industry Michael Okyere Baafi said through the one District One Factory government and its partners have committed over four hundred million dollars as loans for the development of the Pharmaceutical Industry.
“Government cherishes your efforts that’s why in its bid to attract investment into this industry, is developing a pharmaceutical manufacturing policy,” He said.
Michael Okyere Baafi also underscored the need for the pharmaceutical companies to widen the horizon of their production targets: “we are currently doing about 30% of the pharmaceutical demand business in Ghana, so we have a lot to do meet the targets. That gap needs to be filled”
“Government through the 1D1F has advanced through the participation financial institutions; has given out 415 million dollars in the form of loans to support pharmaceutical industries to be able to operate well in this country,” He added.
Chairperson of the Ghana National Chamber of Pharmacy, Harrison Abutiate said the current economic challenges including the high interest rates have impacted the chambers productivity.
“The current burning worldwide issue with the effect of Covid-19 and the Russia Ukraine war on the economies of the world. We have decided to use this summit to focus specifically on the effect of the current Ghana economy on the Pharma Business in Ghana.”
“Permit me to say that Ghana National Chamber of Pharmacy does not think that the current bank interest rates, unstable currency situation, increased bench mark values and delayed payments by government institutions to suppliers will help in the production, planning and pricing of medicines.”
The Administrative and Digital Marketer at the Ghana National Chamber of Pharmacy, Samuel Kwame Boadu added that , “ The Summit and exhibition provided an avenue for pharmaceutical manufacturers, suppliers and importers to discuss ways to partner with each other to help catalyze the growth of the industry to enhance investment”