Medicine prices drop to 15%

Consumers will experience significant relief at pharmacy counters nationwide as prices of pharmaceutical products have been reduced by a substantial 5 to 15 per cent across the board.

This will ease the financial burden on consumers and support government’s efforts to stabilise the economy.

This was announced in a joint statement by the Ghana National Chamber of Pharmacy (GNCoP) and the Pharmaceutical Importers and Wholesalers Association (PIWA) yesterday (June 4).

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.

Impact 

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 said a stronger cedi means lower foreign exchange costs for pharmaceutical importers, resulting in lower prices for essential medicines and health products,” it said.

It further explained that 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 positioned to stock essential medicines, 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 procured at higher rates, 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.”

Commitment 

The statement said government must continue its prudent economic management and maintain support for the private sector, especially the pharmaceutical industry, which played a critical role in ensuring medicine security and public health resilience.

"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,” it added.