Local Pharma Firms Granted GHC415 Million Under 1D1F- Alan Kyerematen
According to Trade Minister Alan Kyerematen, the government has received funding worth GHC415 million for local pharmaceutical producers under the One District, One Factory (1D1F) scheme.
The funds were obtained through a partnership between the ministry and local lenders to provide long-term competitive financing.
The award benefited 11 of the 13 pharmaceutical companies participating in the 1D1F initiative.
“I am happy to report that at the end of December 2021, 11 out of the 13 pharmaceutical companies under the 1D1F initiative have received support to the tune of GHC415.3 million,” Kyerematen said.
He stated the money would be used to fund expansion, retooling, working capital, or the construction of wholly new production facilities in Ghana at the launch of Atlantic Lifesciences Limited, a new pharmaceutical firm in Accra.
The company will operate under the 1D1F program, which will provide it with a five-year tax break.
According to Kyerematen, the administration is still dedicated to making the country a West African pharmaceutical production powerhouse.
“A recent report on Ghana’s pharmaceutical industry indicated that the country will become the hub of pharmaceutical production in sub-Saharan Africa. It is important to state that Atlantic Lifesciences is leading the way in the production of vaccines at this ultra-modern facility,” he said.
He pointed out that pharmaceutical sales in the country reached US$462 million in 2020 and US$468 million in 2021, and are predicted to reach US$544 million in 2025, with sales peaking at US$896 million by 2030, according to the same report.
He maintained that Ghana’s positive attitude will position the country as a regional centre for pharmaceutical manufacture.