Pharmaceutical products prices decreases to 15%

Consumers will experience considerable comfort  at pharmacy counters nationwide because prices of pharmaceutical products have been reduced by a significant 5 to 15 per cent across the board. This will ease the financial burden on consumers and support government’s efforts to make the economy stable.

This was revealed in a joint statement by the Ghana National Chamber of Pharmacy (GNCoP) and the Pharmaceutical Importers and Wholesalers Association (PIWA) yesterday (June). The statement commended the government for the recent measures that have led to a marked and sustained appreciation of the cedi against major foreign currencies, particularly the US dollar.

It said the cedi’s appreciation has provided relief to the pharmaceutical sector, which relied heavily on imports for active pharmaceutical ingredients, finished pharmaceutical products, medical consumables, and equipment.

It highlighted that “It said a stronger cedi means lower foreign exchange costs for pharmaceutical importers, resulting in lower prices for essential medicines and health products.” It elaborated that the currency stability allowed for better forecasting, planning, and pricing, particularly important for small and medium pharmaceutical enterprises.

It added that with reduced cost pressures, pharmacies and hospitals were now better strategically stocked with vital medications, contributing to improved public health outcomes.

It said “while we acknowledge these recent gains, it is important to note that the sector has, over the period absorbed a huge percentage of the cost due to the depreciation of the cedi.”

The statement said many businesses were holding old stocks acquired at premium prices, and the financial burden on importers and distributors remains considerable. 

“However, in support of government efforts to stabilise 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 per cent across the board. This decision is a demonstration of our sector’s commitment to national development and public health.”

The statement said government must continue its responsible financial governance and maintain private sector promotion, especially the pharmaceutical industry, which played a crucial role in safeguarding medicine access and health system strength.

It added that “We remain hopeful that this stability will be sustained in the long term. The Chamber & PIWA also reiterate its commitment to working collaboratively with the government and all stakeholders to ensure the pharmaceutical sector remains vibrant, accessible, and sustainable for the benefit of all Ghanaians.”

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