Cedi gains lead to lower costs for medicines and medical equipment

The Ghana National Chamber of Pharmacy (GNCoP) and the Pharmaceutical Importers & Wholesalers Association (PIWA) have announced a price reduction of 5% to 15% on pharmaceutical products, medical consumables, and equipment.

This decision follows the recent appreciation of the Ghanaian cedi against major foreign currencies, particularly the US dollar. The two organizations say the development is easing costs in the pharmaceutical industry and helping to stabilize the market.

“In support of government efforts to stabilize the economy and reduce inflation, and in the interest of the public health and consumer welfare, GNCoP in consultation with PIWA have resolved to reduce their prices by 5-15% across the board,” a joint statement from GNCoP and PIWA said.

They attributed this move to the cedi’s growing strength and expressed appreciation to the Ministry of Finance and the Bank of Ghana for maintaining currency stability.

“The Chamber & PIWA acknowledge that this achievement is the result of deliberate fiscal discipline, strategic policy interventions, and collaborative national efforts, including support from development partners,” the statement noted.

According to GNCoP and PIWA, the cedi’s appreciation is already benefiting the pharmaceutical sector in key ways. It has reduced the cost of imports, allowing for lower prices on essential medicines and health products. Stability in the currency is also improving forecasting and planning, especially for small and medium-sized enterprises. Additionally, the reduced cost burden means pharmacies and hospitals can more reliably stock essential drugs, improving access and health outcomes.

GNCoP and PIWA emphasized that this price reduction is not only a response to economic trends but also a commitment to national development and public health.

“We are ready to contribute meaningfully to the government’s inflation control measures, reducing pressure on consumers and healthcare providers and enhancing accessibility of medicine for the final consumer/patients,” they stated.

They also urged continued government support and responsible economic management to sustain this progress.

“We remain hopeful that this stability will be sustained in the long term. We urge the government to continue its prudent economic management and support for the private sector, especially the pharmaceutical industry, which plays a critical role in ensuring medicine security and public health resilience,” the statement added.