Ghana to become a pharmaceutical hub in Africa -Trade Minister

A group photo of some participants at the UK-Ghana Investment Summit

The Minister for Trade and Industry, Mr. Alan Kyerematen, said Ghana is putting in place measures to become a new pharmaceutical hub in West Africa.

He stated that Ghana was currently implementing a comprehensive programme for business regulatory reforms with varied components.

Speaking on a Ghana’s Macro-economy and prospects for investment at the UK-Ghana investment summit in Accra on Monday, the minister mentioned that Ghana has a significant opportunity to export markets under existing regional and bilateral trade regimes.

Vibrant economy

He assured UK investors that Ghana has a vibrant domestic market made up of organised and informal distribution channels as well as retail markets throughout the country.

“The government in collaboration with the private sector is also implementing a programmes to construct modern retail markets in all regional and district capitals,” he said.

Mr. Kyerematen stated that the ministry would ensure the full implementation of the industrial policy to create more jobs, exports diversification and provide target support to companies investing in Ghana to enable them compete with imports.

The trade minister said the industrial policy would also promote Ghanaian participation and collaboration in foreign commercial transactions through joint ventures, technology licensing, subcontracting, franchise arrangement among others.

He encouraged the investors to endeavor into areas such as, pharmaceuticals, integrated bauxite and aluminum, vehicle assembly, garments and textiles, vegetable oil and fat and industrial fat among others.

Focus on home grown investments

Mr. Graham Zebedee, Director, Trade Policy Group at the UK Department for International Trade said the UK was poised to build profitable businesses in Ghana for mutual benefits.

He suggested that Ghana should focus more on growing its local investments while it prepares to wean itself from the International Monetary Fund (IMF).

“Coming out of the IMF programmes will be more beneficial to Ghana and now is the time for Ghana to establish its own credentials on the international markets,” he said.

By Linda Naa Deide Aryeetey