By Linda NaaDeide Aryeetey
Accra, Nov. 12, GNA – Government will invest US$1 billion in the pharmaceutical and biomanufacturing industry in 2027 to expand local medicine production and position Ghana as a pharmaceutical export hub in West Africa.
The investment will support the establishment of pharmaceutical and biomanufacturing hubs in the Eastern and Central Regions, with construction expected to begin in 2027 through a state-owned Special Purpose Vehicle (SPV).
Dr Cassiel Ato Forson, Minister of Finance, announced this when presenting the 2027 Budget Statement and Economic Policy to Parliament on Thursday.
He said the initiative, under Pillar Seven of the New Economy agenda, would reduce dependence on imported medicines, create skilled industrial jobs, conserve foreign exchange and expand Ghana’s pharmaceutical export capacity.
“Ghana currently imports between 70 and 75 per cent of its medicine requirements, costing the country approximately US$500 million annually,” he said.
Dr Forson said the government would amend public procurement laws to require public institutions to buy locally manufactured medicines where adequate quantities were available and met approved quality standards.
He said the policy would make Ghanaian-made medicines the preferred option in public procurement, using government expenditure to support local manufacturers and expand domestic production.
The Minister cited India, Ethiopia, Nigeria and Tanzania as countries that had adopted policies favouring locally manufactured medicines and goods in public procurement.
He said the local preference policy would not compromise quality, timely delivery or value for money.
“All suppliers would be required to obtain registration from the Food and Drugs Authority (FDA) and comply with Good Manufacturing Practice standards,” he said.
Dr Forson said the government would also support local pharmaceutical manufacturers to obtain World Health Organisation (WHO) prequalification to enable their products to compete in regional and international markets.
He said qualified Ghanaian and international manufacturers would participate in the pharmaceutical and biomanufacturing hubs through transparent lease and operating agreements.
By 2030, Ghana aims to produce between 60 and 80 per cent of its essential medicine requirements locally.
The initiative is also expected to generate about 20,000 direct and indirect jobs.
Dr Forson said the broader objective was to develop a competitive domestic pharmaceutical industry capable of producing more medicines and vaccines, strengthening national health security and supplying markets across Africa.
GNA.
Edited by Kenneth Sackey
Reporter:Linda Naa Deide AryeeteyÂ
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