Ghana’s pharmaceutical sector is heavily reliant on foreign exchange, with an estimated 70% of all products being imported whilst the remaining 30% is produced locally. With local manufacture, it is estimated that 83% of all materials are also imported, making the sector heavily sensitive to foreign exchange rate fluctuations. Another contributor to pricing in the sector is the Bank of Ghana policy rate that impacts the cost of borrowing.
Historically, there seems to be very little information available on Ghana’s pharmacy supply chain-based inflation. This, we believe is a disservice as it makes adequate planning and health investment projections unreliable. A request was recently made by the Ghana Chamber of Pharmacy that pharmaceuticals be included in the basket of goods used by the Ghana Statistical Service to measure inflation.
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