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President Mahama says Ghana will invest in pharmaceutical manufacturing under its proposed US$10 billion New Economy Policy to attract foreign companies, create jobs and supply medicines across Africa.
The initiative aims to reduce medicine imports, increase local production and supply markets across West Africa and the wider continent.
Pharmaceutical manufacturing is one of nine sectors targeted under the government’s proposed US$10 billion, five-year New Economy Policy.
President John Dramani Mahama says Ghana will invest in pharmaceutical manufacturing to establish the country as a major producer of pharmaceutical products for West Africa and other African markets under the government’s proposed US$10 billion New Economy Policy.
The President said foreign pharmaceutical companies had expressed interest in setting up factories at a planned pharmaceutical hub, for which the government has acquired land and provided essential infrastructure, including roads, electricity and water.
The initiative forms part of the government’s plan to expand local production, reduce dependence on imported medicines and create jobs, particularly for young people.
Speaking during a meeting with chiefs from the Western North Region, Mahama said the New Economy Policy would direct US$2 billion each year over five years in nine key sectors of the economy, totalling US$10 billion.
He said the policy would focus on productive sectors capable of generating employment, including agriculture, textiles, garments, pharmaceuticals and tourism.
The proposed initiative comes as Ghana seeks to locallly produce more medicines and be self sufficient rather than rely heavily on foreign suppliers.
Domestic manufacturing would help reduce the cost of medicines and improve their availability to healthcare providers.
This initiative will also move the economy towards manufacturing, industrial development and job creation.