Remove Taxes On Pharmaceutical Manufacturing Companies In Ghana As Soon As Practicable

Ghana's pharmaceutical industry has great potential. It could become a major foreign exchange earner for our country. It is therefore crucial that whatever can be done by the government,  to make the pharmaceutical manufacturing sector of our economy,  globally competitive, is done.

Tax exemptions for plant and raw materials,  for factories producing drugs for hospitals and  pharmacies locally, and for export to sister nations  in West Africa (and elsewhere in the continent),  is one of the ways the government can help make such pharmaceutical companies competitive.

 Another measure that will help the pharmaceutical  industry in Ghana thrive, is to increase the number of drugs restricted for local production only,  from the current 14. Locally produced drugs are often of the highest quality - and enable the public to have access to safe medicines: a real boon in a world awash with dangerous counterfeit  drugs.

 No matter how strapped for cash government might be, the new taxes imposed on pharmaceutical manufacturers in Ghana,  must be removed as soon as practicable. They will stifle the industry unnecessarily - and lead to some workers losing their jobs. Yet, the industry could be a leading source of drugs for many  nations in Africa.

In order to have a positive balance of trade, and if our currency is to stop losing its value against other currencies, the enterprise Ghana definitely needs to export more than it currently does. If a conducive environment is created for the sector, leading  pharmaceutical companies such as  Ernest Chemists, Kinapharma and LaGray could all help increase the volume of Ghana's exports - and create jobs galore for younger generation Ghanaians.

Imposing taxes on the pharmaceutical manufacturing sector  is counterproductive,  and in the long-term, definitely  not in the national interest. It is said that health is wealth. Companies producing medical drugs in Ghana are key partners in making this a nation with a healthy population.

For that reason, the government would be wise to remove all the newly-imposed taxes on Ghana's  pharmaceutical manufacturing industry. And, swiftly. A word to the wise...