The government says it is taking steps to re-position Ghana as a pharmaceutical hub in West Africa sub-region.
The initiative involves stimulus package for viable but distressed pharmaceutical and other companies.
Senior Minister, Yaw Osafo Maafo, says companies will also enjoy custom duty exemption on all raw and packaging materials for local production.
According to the Senior Minister, the government is in talks with stakeholders to exempt the pharmaceutical industry from Value Added Tax on inputs.
Discussions are on-going with ECOWAS neighbours to allow smooth transit of pharmaceutical products.
Mr. Maafo says the measures are in line with government’s vision to make Ghana a sub-regional pharmaceutical giant.
He was addressing Pharmaceutical Society of Ghana’s conference opening in Kumasi.
“Government is taking pragmatic steps to re-position and revitalize the pharmaceutical sector through series of targeted policies, interventions and initiatives. Stimulus packages for viable but distressed companies including some selected pharmaceutical firms; two, exemptions from payment of customs duty on all raw materials and packaging materials for the local production of pharmaceutical products,” he announced.
Mr. Maafo is encouraging local pharmaceutical companies to take advantage of West Africa’s over 350 million people as a potential market.
“The ECOWAS market has 350 million people. Products from this country of ours are highly respected and accepted within the ECOWAS, to say the least. What steps are we taking to take over that market of 350 million people, he quizzed.
Meanwhile, the Pharmaceutical Society of Ghana has launched a 10-year strategic plan document.
President of the society, Thomas Boakye Appiagyei says the document will become a working book from 2016 and 2025.
The 3-day conference is under the theme, ” Harnessing opportunities in pharmacy in national economic development .”