THE MINISTRY OF TRADE AND INDUSTRY LAUNCHED THE COVID-19 SUPPORT
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THE MINISTRY OF TRADE AND INDUSTRY LAUNCHED THE COVID-19 SUPPORT


 



Story by Carlos Afanou





The Minister of Trade and Industry, Mr Alan Kyerematen, who launched the package deal in Accra yesterday.


He said the pharmaceutical industry was one of the new strategic anchor industries that were being promoted by the government to help diversify the economy beyond cocoa, gold and timber.


"The pharmaceutical market in Ghana is currently estimated at $600 million, with a compounded annual growth rate of 13.9 per cent, with local companies supplying about 33 per cent of the national essential medicines requirement," Mr Kyerematen said.


The minister said the 38 pharmaceutical manufacturing companies in the country had positioned Ghana as the most vibrant pharmaceutical destination in the Economic Community of West African States (ECOWAS).



"The positive perception of neighbouring countries about the country’s regulatory capacity positions the industry for investments and exports into the sub-region," he said.


He said the industry must take advantage of the wider market to be created by the African Continental Free Trade Area (AfCFTA) agreement to expand their export reach.


Mr Kyerematen emphasised that in order to sustain the momentum of growth in the sector, some key elements along the value chain would need investment support.


The support, he said, must include investment financing and joint ventures to upgrade existing pharmaceutical plants for compliance with good international manufacturing practices and standards.



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