Boston, MA -- (ReleaseWire) -- 08/31/2012 -- BMI View: Ghana has one of the best business environments in the West and Central Africa, while the longer-term potential of its pharmaceutical market is propped up by a well-developed healthcare sector. The discovery of hydrocarbons resources will continue to stimulate the country's overall economic development. Overall, we remain extremely positive about Ghana's attractiveness to multinational investment, especially given the improving intellectual property (IP) environment.
Headline Expenditure Projections
- Pharmaceuticals: GHC469mn (US$303mn) in 2011 to GHC537mn (US$298mn) in 2012; +14.6% in local currency terms and -1.5% in US dollar terms. Forecast slightly lower than in Q212 because of macroeconomic factors.
- Healthcare: GHC2.68bn (US$1.73bn) in 2011 to GHC3.09bn (US$1.71bn) in 2012; +15.3% in local currency terms and -1.0% in US dollar terms. Local currency forecast broadly unchanged from Q212.
- Medical devices: GHC113mn (US$73mn) in 2011 to GHC129mn (US$71mn) in 2012; +13.8% in local currency terms and -2.2% in US dollar terms. Local currency forecast broadly unchanged from Q212.
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Risk/Reward Ratings: In our latest Pharmaceutical Risk/Reward Ratings (RRR) regional table, Ghana remains in 18th position among the 30 key markets in the Middle East and Africa (MEA). Its composite score is 3.6% higher quarter-on-quarter despite its slightly less favourable economic outlook. Ghana is seen as having strong long-term potential for drugmakers, although low per capita spending on pharmaceuticals, coupled with widespread counterfeiting activities, will continue to moderate its RRR ranking.
Key Trends And Developments
- In May 2012, local press reported that the Ministry of Health has created a scheme that aims to promote the country as a destination for medical tourism for patients from across the continent. According to the programme, this objective would be achieved through the creation of centres of excellence that would specialise in the treatment of 'complicated' conditions. The government has also asked for the participation of the private sector, which already has a number of hightech centres.
- Also in May, the US Pharmacopeial Convention (USP) board of trustees announced that it will invest US$1.5mn to open the Centre for Pharmaceutical Advancement and Training (CePAT) in Ghana. CePAT will be used as a platform for training, education, consulting and laboratory capabilities. The centre has been designed to provide a methodical approach to the quality control of medicines in the region. The UPS is looking for additional outside funding to provide some services for the centre.
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