16
Oct 2014

President John Dramani Mahama has said the government is determined in supporting Ghanaian pharmaceutical companies and other indigenous companies to become net exporters.

He mentioned the poultry, tomato and rice production sectors as the other beneficiaries of the special support through Export Trade, Agricultural and Industrial Development Fund (EDAIF).

President Mahama stated this during a visit to Entrance Pharmaceuticals and Research Centre, a manufacturing subsidiary of Tobinco Pharmaceuticals; and Ernest Chemists Limited, in line with his declaration to support the manufacturing of made in Ghana goods.

In his State of the Nation address earlier this year, President Mahama pledged the support of the Government to local pharmaceutical companies under EDAIF.

Under the support programme, Tobinco Pharmaceuticals is receiving $6 million; Ernest Chemists $10 million; while Dannex Pharmaceuticals would also receive $3 million dollars.

Currently, the pharmaceutical companies in Ghana manufacture only 30 per cent of their drugs while 70 per cent are imported but with the financial boost, the industries could improve their production and become net exporters of the commodity.

President Mahama said the government would continue to support industries that Ghana had the comparative advantage to substantially reduce their imports and create jobs for the youth.

At Ernest Chemists, President Mahama expressed satisfaction that the company was actualising Ghana's vision of becoming a net exporter of drugs and gave the assurance that he would back them to blossom.

On the tariffs on the inputs of drugs, President Mahama said the government would examine the issues to find out where it could assist the companies to break even with their production.

Mr Samuel Amo Tobin, Chairman of the Tobinco Group of Companies, gave the assurance that they would work hand in hand with the government to achieve their target of creating 2,000 jobs for Ghanaians to reduce the high rate of unemployment in the coming years.

He said his outfit was also committed to portraying themselves to become the leading pharmaceutical industry in West Africa, and Africa as a whole, by enhancing the manufacture of drugs locally for domestic and external consumption.

Mr Tobin also promised the company’s committed to discharging its corporate social responsibilities by giving part of their earnings to the society in which they operated.

Dr Barfour Osei, Chief Executive Officer of EDAIF, gave the assurance that it would continue to support agricultural and industrial growth and urged them to adhere to the best practices that would increase their production levels.

Source: GNA