Investors have signaled interest in the pharmaceutical industry, as government envisages increasing local production to help reduce the import bill of approximately 70 percent of the total healthcare consumption.
Currently, the pharmaceutical industry is working toward increasing local production, with the announcement of a US$321million 60-ha pharmaceutical park to be built in the Dawa Industrial Zone in the Greater Accra region, with the goal of producing between 60 percent and 80 percent of the country’s pharmaceutical needs.
Speaking at the launch of the West Africa Pharma Healthcare (WAPHC) Exhibition, the Project Director, Thomas James, said investors across the globe have registered interest in Ghana’s pharmaceutical industry through the WAPHC event.
“As the first-ever health business event/forum that brings together the key decision-makers and captains of the health industry, hosting about 100 exhibitors in the expo from India, Turkey, USA, Egypt, Italy, Ghana and other countries, and 5000+ visitors from Ghana and West Africa, the exhibition is a must-attend global event in the healthcare calendar; and offers an ideal environment for companies to showcase their products, and for the pharmaceutical and medical healthcare industry of the country to visit and connect with global suppliers and solution providers in the space to explore space for improvement and innovation in the medical healthcare sector of Ghana,” he said.
According to the 2022 Oxford report, Ghana is the only country in sub-Saharan Africa to produce active pharmaceutical ingredients, placing it in a good position to establish itself as a leader in the region’s generic drugs market.
Mr. James noted that increasing investment into the industry would help to reduce Ghana’s pharmaceutical import bill, which reached an estimated US$263million in 2019, greatly outweighing the country’s drug exports of about US$3.8million.
Industry data reveals that in 2020, pharmaceutical sales hit GH¢2.7bn (US$461.7million), expected to increase to GH¢2.9bn (US$496million) in 2021. Furthermore, this figure is expected to reach GH¢4billion (US$684million) by 2025.
WAPHC Exhibition
The WAPHC event is in line with the vision of the government to build a robust healthcare system and infrastructure in the country, and facilities for every stakeholder in the industry. This will take place from April 27-29, 2022, in Accra, at the Accra International Conference Centre.
The investors are converging at the West Africa Pharma Healthcare (WAPHC) Exhibition, which will bring together the manufacturers, exporters, wholesalers, dealers and distributors of pharmaceuticals; and medical diagnostic industry, pharmaceutical machinery, hospitals and influential decision-makers in the West African region.
It will have seminars and conferences running concurrently for two days of the event, to bring and discuss thoughts, ideas innovations, and issues related to the sector to government ministries, departments, and agencies, along with the suggestions and ways forward to discuss and improvise the sector.
Kojo Aduhene is the Chairman and Chief Executive Officer of LMI Holdings with 27 years’ post qualification experience in the construction industry. He holds a B.Sc. Degree in Civil Engineering from Leeds University. After his University education, he worked on a number of prestigious projects in the UK, including the Channel Tunnel, which links mainland UK to continental Europe and the Docklands, a hugely successful urban rejuvenation development.
He returned to Ghana in 1992 to set up his own company, John Murphy Construction, which has developed into what can arguably be described as one of the largest Civil Engineering, Property and Utility Conglomerates in Ghana- LMI Holdings.
His passion is teaching and his driving ambition is to make AFRICA RISING a reality
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Mr Albert Essien is a retired banker and the former Chief Executive Officer of Ecobank Transnational Incorporated (ETI) where he spent 25 years rising through the ranks to become Group CEO in March 2014.
Prior to becoming Group CEO, Mr Essien served as Deputy CEO and Executive Director for Corporate and Investment Banking for 2 years. Mr Essien had previously led ETIs operations in Anglophone West Africa (excluding Nigeria), Eastern and Southern Africa. He is widely credited with the growth of the Ecobank brand in these markets.
Mr Essien started his banking career in 1986 with the National Investment Bank (NIB) in Accra, Ghana and joined the Corporate Banking Department of Ecobank Ghana in 1990.
Albert Essien holds a degree in Economics from the University of Ghana and is an alumnus of the Executive Development Programme of INSEAD (France/Singapore).
He is also an honorary fellow of the Chartered Institute of Bankers, Ghana. Mr. Essien joined the LMI Board in May 2012
Mr. Justice Kusi-Minkah Premo is a lawyer by profession and is the Founder and Chief Executive Officer of Minkah-Premo & Co. (Legal Practitioners). He was called to the Ghana Bar in April 1984 and is a member of the Ghana Bar Association.
He has previously served as the Former Vice President of the Ashanti Region branch of the Ghana Bar Association, the Former National Vice President of the Ghana Bar Association, the Former member of the General Legal Council (Body responsible for training, certification and discipline of lawyers in Ghana), the Former member of the Advisory Board of Ministry of Justice and Attorney General’s Dept and as a Former Senior Lecturer of the Ghana School of Law.
Currently he is serving on the boards of Minkah Premo & Co, UT Holdings Ltd., UT Life Ltd. and the Ghana Police Council.
He holds an LLB (1981) from the University of Ghana, a BL (1984) from the Ghana School of Law and an LLM (2005) from the University of Ghana.
Mr. Justice Kusi-Minkah Premo joined the LMI Board on 1st January, 2016.
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