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Govt must support pharmaceutical companies to produce vaccines locally

If nothing at all, the outbreak of the novel coronavirus disease has taught the Ghanaian economy a lot of lessons.

What started as health crisis in late 2019 in Wuhan in China, has been transformed, into a global economic and development crisis, shattering the global economy.

What are the lessons?  The COVID-19, among others, has taught the country to put measures in place to be self-sufficient in all that she needs especially in the area of vaccine manufacturing.

Also, the COVID-19, pandemic has demonstrated that a country cannot depend on the other in times of emergencies.

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Thus, it is imperative for the country to strengthen the health sector and the pharmaceutical companies to be able to produce majority of the drugs the country needs locally.

Even though, the country, Ghana can boast of a lot of medical research institutes of international repute and a lot of pharmaceutical companies, most of the drugs the country needs are imported, making the country susceptible to shocks in the global supply of medicines.

Mention can be made of the Noguchi Memorial Research Institute at the University of Ghana and other research institutes at the various universities in the country.

Also, the country has a lot of experts and professors in the field of medicine and pharmacy, which can develop medicines and vaccines locally, which the country can export to raise a lot of foreign exchange.

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Worryingly, Ghana has to depend on other countries to procure vaccines and the benevolence of other governments for additional COVID-19 vaccines to vaccinate the citizens in a bid to protect lives and fight the disease.

At the moment, the country has not been able to vaccinate even half of the population due to the difficulty in accessing COVID-19 vaccines.

Per a BBC story published in the Friday, October 1, 2021, edition of the Ghanaian Times, it said Ghana was not included in the African countries which had met the global target of vaccinating more than ten percent of their populations against COVID-19 by the end of September, 2021.

Fifteen out of the 54 African countries   have met the target.  The countries are Seychelles, Mauritius, Morocco, Tunisia, Eswatini, Cape Verde, Botswana, Comoros, Zimbabwe, Equatorial Guinea, South Africa, Mauritania, Lesotho and Rwanda.

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Figures from the Ghana Health Service (GHS) indicate that as of September 26, 2021, the country has recorded a total of 47, 998 cases of COVID-19, with 120,542 recoveries, and severe cases of 124.

Those in critical conditions stand at 43, the dead at 1,156 and active cases of 3,088.

In terms of vaccination, according to the GHS, as of September 26, 2021, a total of 1,653, 442 doses have been administered and a total of 786, 899 have been fully vaccinated.

On the global level, as of October 4, 2021 a total 235,810,070 cases of coronavirus have been recorded with 4,817,796 deaths and recoveries of 212,693,277.

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As of now, every country in the world has a taste of the bite of the coronavirus pandemic.

Encouragingly, the government has announced plans for COVID-19 vaccines to be produced locally.

Consequently, it has committed a seed funding of $25 million for the local production of COVID-19 vaccines, the President Nana Addo Dankwa Akufo-Addo, announced recently.

The production of the vaccines will be coordinated by the yet-to-be established National Vaccine Institute, whose mandates will include establishing local vaccine manufacturing plant, deepening research and development for vaccines.

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The President observed that the local production of the vaccine has become necessary following a global shortage in recent times.

“The global shortage of vaccines means that we must develop our capacity to produce our own vaccines domestically and reduce our dependence on foreign supplies,” the President said.

 “We must be self-sufficient in this regard… and prepare ourselves better to deal with any such occurrences in the future,” he added.

While the government is trying to establish the National Vaccine Institute, local pharmaceutical companies, which have proven track record of producing drugs can be supported to go into vaccine production.

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One of such local companies which has the capacity and can be supported to go into vaccine production is COA Research and Manufacturing Company Limited.

COA Research and Manufacturing Company Limited, located at Wusorkrom in the Abura Asebu Kwamankesi District of the Central Region produces well-being products.

The company is to construct a new plant to meet growing demand for the company’s products.

In an interaction recently with the Deputy Managing Director, Nana Ofosuhene Apenteng Awere, when some members of the Institute for Financial and Economic Journalists paid a visit to the company,  he  said the company was willing  to go into  vaccine production if government approached the company to do so.

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He said the government had not approached the company to that effect, saying government had initiated a move and set up a team to help the country go into the production of vaccines locally.

“Let’s wait and see and what the team will come out with,” he said.

Nana Awere said his outfit had secured a large tract of land for the expansion drive of the company.

He said the move formed part of the expansion drive of the company and the growing demand for COA mixture both locally and internationally.

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Nana Awere said the objective of COA Research and Manufacturing Company Limited produces COA mixture, a herbal product which boosts and strengthens the immune system was to come out with herbal medicines to help promote the health of the citizens to boost productivity in the country.

“Our vision is to become the leading manufacturer of herbal medicine in West Africa,” he said, adding that the construction of the ultra-modern plant was expected to start next year.

According to Nana Awere, the company, which currently employed 120 staff,  used only fresh herbal leaves and  products, which were sourced locally from its farms and other suppliers.

The Deputy Managing Director said the company was WHO compliant and produced under strict hygienic conditions, adding that the company was implementing International Standard Organisation 9001-2015 quality management system.

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Concluding, I believe the country has the capacity and the human resource to produce vaccines locally.  There is no need to re-invent the wheel as local pharmaceutical companies can be supported to enable the country produce vaccines locally.

By Kingsley Asare

Writer’s email/ WhatsApp of author:

gbetomenyo81@gmail.com(0246943864)

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Bussiness

Ghana’s GDP shows economy is fast recovering despite DDEP – Finance Ministry

Ghana’s Gross Domestic Product (GDP) indicates a rapid economic recovery despite global challenges and ongoing debt restructuring, according to the Ministry of Finance (MoF).

The Ministry in a statement today indicated that latest data from the Ghana Statistical Service (GSS), cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a notable increase from the 4.7% recorded in the first quarter of 2024.

The MoF statement further noted that, “The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).”

According to them, the overall real GDP growth for the first half of 2024 rebounded strongly, with year-on-year GDP growth averaging 5.8% for the period, significantly higher than the 2.9% recorded in the same period in 2023.

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By Edem Mensah-Tsotorme 

Read full statement below

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Bussiness

Facebook, Youtube, online trading companies must be taxed – Deputy Finance Minister

The Deputy Finance Minister Dr Alex Ampaabeng, has proposed that online trading companies should be taxed to bolster the economy.

He noted that these companies, both local and international, generate significant revenue from their Ghanaian clients, which underscores the necessity for taxation.

In an interview with Bernard Avle on Channel One TV’s The Point of View, Dr Ampaabeng pointed out various potential revenue sources for Ghana, including online businesses and content creation companies.

He questioned why other national companies operating in Ghana are taxed, but social media platforms like Youtube and Facebook, which run numerous advertisements, are not included in the Ghanaian tax system.

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According to him, these social media companies earn profits from the advertisements they display, and online trading companies also generate income from the sale of their products and services.

He mentioned online trading companies such as Jiji, Jumia, and Tonaton, which he believes surpass all physical marketplaces in Ghana in size.

According to him, “I can’t think of a country which has not gotten a digital service tax system of some sort, so Ghana is long overdue. Just to make an example so that people will appreciate where I’m coming from. Go to Youtube and play a video, within one or two minutes, you are going to watch about two, or three adverts.”

“What it tells you is that Facebook or Youtube is making profits right here in Ghana. Go to your Facebook account, and you are going to see a number of adverts on your right, left. What it is telling you is that Facebook is making profits right here in Ghana and not being taxed. Meanwhile, there are companies operating in Ghana, for jurisdiction reasons, of course, that are being taxed,” he said.

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The Deputy Minister added that “So then, it comes to the question of the application of our tax laws. Revenues generated in Ghana are subject to taxes. We have Facebook, TikTok and all those players, these are digital platform owners.”

He stressed, “Then we have the digital or market players, here we are talking about individuals who are using the digital platforms. We have Jiji, Jumia, Tonaton, these combined, are bigger than all physical marketplaces in Ghana. And it tells you the volume of transactions, that are going on there.”

He expressed his hope that individuals earning online profits from Ghanaian residents would be taxed.

“There are conversations ongoing, I wouldn’t want to pre-empt anything, maybe in the future, it might not be anytime soon, what I would like to see, is a Ghana where people who are earning all forms of profits in the country are subject to taxes. People who are trading online to Ghanaian residents, people who are generating revenue from Ghana are allowed to pay taxes,” he noted.

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Additionally, he proposed a collaboration with the government to curb cybercrime by registering and verifying these online trading companies.

“We can have a system where the government engages these operators, so individuals will submit their Ghana Card and are registered and verified,”he concluded.

Source: Citinewsroom.com

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