• Sat. Sep 24th, 2022

One District – One Factory: 11 pharmaceutical companies have received ₵415.3m – Trade Minister

The Atlantics Lifesciences Pharmaceutical Manufacturing Company was inaugurated in Larkpleku in the Ningo Prampram District of the Greater Accra Region by Minister of Trade and Industry Alan Kwadwo Kyerematen and President Akufo-Addo.

Mr. Kyerematen noted at the inauguration of the state-of-the-art manufacturing facility that 11 of the 13 pharmaceutical companies participating in the 1D1F Initiative have received funding worth GHC415.3 million for expansion, retooling, working capital, or the construction of entirely new manufacturing facilities in the country.

The pharmaceutical sector has benefited from a collaboration between the Ministry of Trade and Industry and a few financial institutions in the country, which has offered long-term competitive financing.

According to a recent research on Ghana’s Pharmaceutical Industry, Ghana will soon become the Sub-Saharan Africa’s pharmaceutical production centre.

Atlantic Lifesciences Limited has been accepted into the 1D1F program, making it the 107th company to participate.

According to the Minister, the Promoter and Management’s decision to locate this facility in Ghana demonstrates the private sector’s continued faith in the government’s industrial development agenda, particularly the 1D1F Initiative.

According to the research on Ghana’s Pharmaceutical Industry, pharmaceutical sales in Ghana reached US$462 million in 2020 and US$468 million in 2021, with sales predicted to reach US$544 million in 2025 and US$896 million by 2030.

Ghana will undoubtedly become a hub for pharmaceutical manufacture in the West African subregion as a result of this favorable outlook.

Mr. Kyerematen stated that his sector, as well as other MDAs, will completely help the pharmaceutical industry in seizing new prospects by upgrading pharmaceutical enterprises to meet the WHO Good Manufacturing Practice (GMP) standard.

Government will once again give Management and Technical Assistance in order to improve operational efficiency, as well as build a Bioequivalence Centre to support the local pharmaceutical manufacturing business.

The Minister expressed his delight that the One District One Factory (1D1F) Initiative, which has become the backbone of the country’s economy, is continuing to sign up additional businesses in order to develop the country’s industrial base.

Mr. Alan Kyerematen stated that his company will continue to assist the pharmaceutical industry in becoming more competitive and producing products for both domestic and international markets.

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