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Boston, MA -- (SBWIRE) -- 10/28/2013 -- Ghana is in a geographically favourable position, with the potential to convert its pharmaceutical sector into a regional leader. The government certainly has ambitions to achieve this. It is supporting the expansion of non-traditional exports, setting targets for the value of exports and offering a support network for pharmaceutical (and other) firms. This, combined with the growing demands of the domestic market, means that Ghana's pharmaceutical and healthcare market has good growth prospects. Problems remain, however. These include the abundance of counterfeit drugs, discrepancies in the quality of care between urban and rural areas, and a diverse burden of disease: while non-communicable diseases are rising in urban areas, isolated parts of the country continue to suffer from communicable disease.
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Headline Expenditure Projections
Pharmaceuticals: GHC583mn (US$315mn) in 2012 to GHC660mn (US$326mn) in 2013; +13.2% in local currency terms and +3.4% in US dollar terms. Forecast decreased slightly from Q313.
Healthcare: GHC3.32bn (US$1.70bn) in 2012 to GHC3.72bn (US$1.84bn) in 2013; +12.3% in local currency terms and +2.5% in US dollar terms. Forecast decreased from Q313.
Risk/Reward Ratings: Ghana's Pharmaceutical Risk/Reward Rating (RRR) score for Q413 is 40.5, making it the 15th most attractive market in the Middle East and African region.
Key Trends And Developments
Ghana's government announced in July 2013 that it will allocate 12.5% of its budget to healthcare in 2013. This falls short of the 15% that it pledged it would dedicate to healthcare just over a decade ago.
There have been several moves to reduce the risks created by counterfeit drugs in recent months, including the US Pharmacopeia's Centre for Pharmaceutical Advancement and Training beginning a training programme for health workers, and plans to trial a battery-powered hand-held device called CD-3 which identifies counterfeit malaria drugs before the end of the year.
The government has devised a strategy to boost exports - including pharmaceutical exports - with a goal of non-traditional exports rising from US$2.46bn in 2013 to over US$5bn by 2017. The Ghana Export Promotion Authority aims to support businesses by helping manufacturers reach international quality standards, among other activities.
BMI Economic View: We have downgraded our real GDP growth forecast for Ghana in 2013 and 2014; it now stands at 7.4% and 6.5% respectively. While private consumption levels are climbing and international private investment is also growing, the economy is being slowed down by lower commodity prices, power shortages and a poor outlook for cocoa production.
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