Good News for Ghanaians: Medicine Prices Drop Up to 15%

Ghanaians can expect some financial relief at pharmacies as the Ghana National Chamber of Pharmacy (GNCoP) and the Pharmaceutical Importers and Wholesalers Association (PIWA) have announced a 5–15% reduction in medicine prices, thanks to the recent appreciation of the Ghanaian cedi.

In a joint statement issued by Pharm. Audrey Serwaa Bonsu, CEO of the Chamber, both organizations praised the Ministry of Finance and the Bank of Ghana for stabilizing the economy.

According to them, the sustained rise in the cedi’s value—especially against the US dollar—has brought down import costs, which dominate the pharmaceutical supply chain in Ghana.

“This decision is a demonstration of our sector’s commitment to national development and public health,” the statement read.

The pharmaceutical sector, heavily reliant on imports for active pharmaceutical ingredients (APIs), finished drugs, and medical equipment, has suffered in recent years due to currency instability. Drug prices soared and access to life-saving medications became increasingly difficult for many.

Now, with the cedi’s steady climb, importers are seeing lower foreign exchange costs, which is good news for both businesses and consumers.

The Three Main Benefits Outlined in the Statement Were:

1. Reduced Cost of Imports: A stronger cedi means it costs less to bring in medicines, reducing overall product prices.
2. Improved Business Planning: Stable exchange rates help pharmaceutical businesses set more predictable prices and make better financial decisions.
3. Better Access to Medicines: With cost pressures eased, more pharmacies and hospitals can afford to stock essential drugs.

Despite this good news, the statement acknowledged that the industry still faces financial stress.

Many pharmaceutical businesses are holding stock that was purchased when the cedi was weak, meaning they are selling at reduced margins or even at a loss in some cases.

Still, in what they describe as “a show of solidarity” with national economic recovery efforts, importers are choosing to pass some of their savings on to the public.

The 5–15% price cuts are expected to make a noticeable difference, especially for chronic illness patients and vulnerable populations.

The Chamber and PIWA called on the government to continue its sound economic management and increase private sector support, emphasizing that the pharmaceutical industry is crucial to achieving medicine security and public health access for all Ghanaians.