The Pharmaceutical Importers, Exporters, and Wholesalers Association of Ghana (PIEWAG) has frowned on the reversal of the discounts on selected pharmaceutical products.

According to the association, Ghana is not self-sufficient in the production of pharmaceutical products.

The association further revealed that Ghana imports 80 per cent of its pharmaceutical needs.

Mr Joe Fifi Yamoah, the Executive Secretary of the association made this disclosure on the Ghana Yensom morning show hosted by Kwame Obeng Sarkodie on Accra100.5FM on Monday, 10 January 2022.

Speaking on the earlier decision by the Customs Division of the Ghana Revenue Authority (GRA) to reverse the 50 per cent benchmark value discount on selected items and 30 per cent on cars, the Executive Secretary said Ghana does not have the capacity to produce even 30 per cent of its pharmaceutical needs.

“Ghana is not ready to fully produce all its pharmaceutical needs and, so, the reversal of the benchmark values will be devastating for the pharmaceutical industry,” he said.

He noted that the importation of pharmaceutical products augments the country’s drug needs because Ghana is not self-sufficient in drug production.

“The local pharmaceutical companies cannot meet the demands of Ghanaians in terms of drugs need,” he added.  

He warned that should the government reverse the 50 per cent benchmark value discounts, the price of common drugs such as Paracetamol, will be increased by, at least, 30 per cent.

He said it will take 30 to 35 years for Ghana to bridge the gap in pharmaceutical production, as all 22 local pharmaceutical companies cannot meet the demand of Ghanaians.