Minister for Trade and Industry, Alan Kojo Kyerematen joined President Nana Addo Dankwa Akufo-Addo, to inaugurate the Atlantics Lifesciences Pharmaceutical Manufacturing Company at Larkpleku in the Ningo Prampram District of Greater Accra.
In his remarks at the inauguration of the state-of-the-art manufacturing facility, Mr. Kyerematen noted that 11 out of 13 pharmaceutical companies under the 1D1F Initiative have received support to the tune of GHC415.3M for expansion, retooling, working capital or building entirely new manufacturing facilities in the country.
The partnership between the Ministry of Trade and Industry and some financial institutions in the country has provided long term competitive financing to support the pharmaceutical sector.
A recent report on Ghana’s Pharmaceutical Industry indicates that Ghana would soon become the hub of pharmaceutical production in Sub Saharan Africa
The acceptance of Atlantic Lifesciences Limited into the 1D1F programme makes it the 107th company to operate under the programme.
According to the Minister, the decision of the Promoter and Management to locate this facility in Ghana underscores the confidence that the private sector continues to show in the Government’s programme of industrial transformation, especially the 1D1F Initiative.
The report on Ghana’s Pharmaceutical Industry further indicated that pharmaceutical sales in Ghana reached US$462 Million in 2020 and US$468 Million in 2021 and it is expected to reach US$544 Million in 2025 and sales are expected to peak at US$896M by 2030. This positive outlook will obviously position Ghana as a hub for pharmaceutical manufacturing in the West Africa subregion.
Mr. Kyerematen said his sector and other MDAs, will fully support the pharmaceutical sector to take full advantage of the emerging opportunities by;
• Upgrading pharmaceutical companies to achieve the WHO Good Manufacturing Practice (GMP) standard;
• Provide Management and Technical Assistance to enhance operational efficiency; and
• Establish a Bioequivalence Centre to support the local pharmaceutical manufacturing industry.
The Minister was excited that the One District One Factory (1D1F) Initiative, which has become the bedrock of the country’s economy continues to signup more companies to expand the industrial base of the country. .
Mr Alan Kyerematen reiterated that his outfit will continue to support the pharmaceutical sector to become more competitive and produce for both local and foreign markets.