Pharmanova CEO Calls for Stimulus Support For Pharmaceutical Companies

Business News, FEATURED, General, Health, Latest, News

CEO of Pharmanova a locally manufactured pharmaceutical industry, Mr Dhananjay Tripathi has called on government to extend its stimulus support to cover the pharmaceutical industries amid the COVID – 19 pandemic.

Currently, government has plans to put in place GHS 600 million soft loans scheme with a two years repayment plans for micro,small and medium scale industries.

The government has indicated that the cumulative effect of the COVID – 19 pandemic will cost Ghana GHS 9.505 billion. There was a three – week partial lockdown of Accra, Kasoa, Kumasi and and Tema leading to a severe economic downturn as has been seen globally.

To address some of the expected challenges , government announced a GHS 1 billion Coronavirus Alleviation Programme that will be funded from the Ghana Stabilisation Fund.The International Monetary Fund (IMF) also approved the disbursement of US$1 billion interest – free loan to Ghana to be drawn under the Rapid Credit Facility (RCF).

The money is to help Ghana address the ” fiscal and balance of payments needs ” and also help the country to improve confidence in its economy especially in the wake of the COVID – 19 pandemic.

Mr.Dhananjay Tripathi said the COVID -19 has brought in its wake a downturn in the economy of the whole world, Ghana, not excepted. This economic downturn has affected adversely the little gains locally manufactured pharmaceutical industries have been able to garner for the country.

The budget for all of us in the industry has been adversely affected and unless some stimulus package is quickly put together, most of us may not be able to survive the financial onslaught.

That notwithstanding, we have an opportunity to celebrate our brave and hardworking employees who brave all odds to ensure production succeeds.

We therefore take this day to recognize the contributions our employment force is making to the growth of our nation, our economy and our collective prosperity.
It therefore gives us a chance to show gratitude for workers’ grit and dedication

We wish all workers a HAPPY MAY DAY CELEBRATION

Leave a Reply