Industry Trend Analysis - Incentives Seek To Boost International Drugmaker Presence - MAY 2017
BMI View : Ghana is well positioned to advance its status as a pharmaceutical hub in West Africa. Underpinned by a favourable business environment and improving fiscal situation, multinational pharmaceutical firms will see a greater opportunity for medicine sales within Ghana and its neighbour ing West African markets. While we expect that investor sentiment towards Ghana will recover in line with the slowly improving macroeconomic situation coupled with government incentives for local production, important hurdles will need to be crossed before any significant potential can be realised in the pharmaceutical industry.
The Ghanaian government is actively making progress towards fulfilling its ambition of being the Economic Communities of West African States (ECOWAS)' hub for pharmaceutical and healthcare investment. In March 2017, Johnson & Johnson (J&J) announced its plans to position Ghana as its regional pharmaceutical hub for West Africa. Following the opening of J&J's new head office in Accra, the Ghanaian Health Ministry reinstated their commitment to enhancing the operating environment for multinational drugmakers. Speaking alongside J&J's Country Director and the US Ambassador to Ghana, Health Minister Agyemang Manu affirmed that "the Ghanaian government will provide additional incentives to boost local and foreign drugmakers' competitiveness in Ghana and within Sub-Saharan Africa (SSA) itself".
Favourable Business Environment
|Strong Government Support For FDI Bolsters Economic Openness|
|West Africa Economic Openness|
|Source: BMI Trade and Investment Risk Index. 100=Lowest Risk. 0=Highest Risk|