Pharmaceutical sector responds to Cedi stability, announces price cuts to support public health – Nsemkeka
The Ghana National Chamber of Pharmacy (GNCoP) and the Pharmaceutical Importers & Wholesalers Association (PIWA) have jointly commended the Government of Ghana, the Ministry of Finance, and the Bank of Ghana for recent policy measures that have led to a significant and sustained appreciation of the Ghanaian cedi, particularly against the US dollar.
In a statement released on Wednesday, the two major pharmaceutical bodies described the cedi’s performance as a “strong indicator of improving macroeconomic stability,” noting that it is already delivering concrete benefits to Ghana’s heavily import-reliant pharmaceutical sector.
The sector, which imports a substantial volume of active pharmaceutical ingredients (APIs), finished medical products, consumables, and equipment, has seen operational costs ease due to the stronger local currency.
Among the key impacts cited are:
- Reduced Import Costs: The stronger cedi has lowered foreign exchange costs, translating to reduced prices of essential medicines and health products.
- Better Business Planning: Greater currency stability has improved predictability in pricing and procurement, especially for small and medium enterprises in the sector.
- Improved Access to Medicines: With financial pressure easing, pharmacies and hospitals are better placed to maintain stock levels of essential medicines, enhancing access and improving health outcomes.
Despite these gains, the statement acknowledged that many pharmaceutical businesses are still grappling with the effects of past currency depreciation, including high procurement costs for older stock.
Nonetheless, in a show of support for the government’s inflation control measures and in the interest of public health, the GNCoP and PIWA have announced a price reduction of 5% to 15% across the board for pharmaceutical products.
“This decision is a demonstration of our sector’s commitment to national development and public health,” said Pharm. Audrey Serwaa Bonsu, Chief Executive Officer of GNCoP.
“We are ready to contribute meaningfully to reducing inflation, alleviating pressure on consumers, and improving access to medicines.”
The pharmaceutical bodies also urged the government to sustain its prudent economic management and increase support for private sector players, particularly in healthcare.
They reaffirmed their commitment to collaborating with all stakeholders to ensure medicine security, affordability, and resilience in Ghana’s public health system.
The price cut is expected to provide much-needed relief to both consumers and healthcare providers, especially amid ongoing efforts to curb inflation and stabilize the economy.