Ghana’s local pharmaceutical sector suffering due to heavy imports – AGI President

The President of the Association of Ghana Industries (AGI) Dr Yaw Adu Gyamfi has said that business conditions in the country does not favour local pharmaceutical industries thereby hampering their growth.

According to him factors such as high production costs, underdeveloped infrastructure, absence of new technologies/equipment for productivity enhancement, weak regulations and institutions and unfair competition from foreign markets is making it difficult for Ghana’s pharmaceutical industries to thrive.

READ ALSO: Ghana's Central Bank begins probing staff involvement of 7 banks collapseGhana's Central Bank begins probing staff involvement of 7 banks collapse

According to Dr Yaw Adu Gyamfi: “Ghanaian pharmaceutical products, obviously have good potential in Ghana and the entire sub-region and even beyond, but due to challenges in our business environment, we tend to import so much instead of making frantic effort to produce them in Ghana to further our industrial development agenda.”

Dr Gyamfi lamented that the low patronage of locally produced drugs can lead to job losses and fold-ups. This, in turn, will lead to an increase in the unemployment rate and also affect wealth creation efforts.

Entrance Pharmaceuticals and Research Centre Managing Director, Kwadwo Asare Twerefour said that pharmaceuticals sales in Ghana reached US$302million in 2016. This is estimated to increase to US$590million in 2026.

However, he said this can only happen if the local pharmaceutical industries enjoy a good business environment while they also strategically position themselves for access and growth.