Cedi instability: Pharmaceutical companies withdraw credit services, cash and carry only

The Pharmaceutical Industry in Ghana has disclosed its decision to stop supplying drugs and medications to health facilities across the country on credit basis as a result of the instability of the Ghana cedi. At a press conference in Accra Thursday, October 20, 202, the Pharma Industry noted that the decision which takes immediate effect will affect the National Health Insurance Authority (NHIA). The three major players in the sector, the Ghana National Chamber of Pharmacy, the Pharmaceutical Association of Ghana, and the Pharmaceutical Importers and Wholesalers Association of Ghana stressed that the current depreciation of the cedi against the dollar has compelled them to change their approach to business. President of the Pharmaceutical Importers and Wholesalers Association, William Adum Addo stressed that the instability of the Ghana cedi might affect the quality of drugs on the market. “The effect of medicine prices will not only result in challenges with medicine availability and accessibility but most importantly the quality of life of Ghanaians because we all know health is wealth. They cannot afford the exorbitantly high cost of medicine … very soon a sizable number of industry players may be forced to fold up or lay off staff,” he said. According to the Chairman of Ghana National Chamber of Pharmacy, Harrison Abutiate, major players have had to cough up huge sums of money to import drugs and other materials needed for the production of medicines. The groups urged the government to release all outstanding debts owed its members to prevent the shortage of products in the country.