Access Bank throws weight behind pharmaceutical sector

Access Bank has expressed its readiness to partner the Pharmaceutical Society of Ghana to build a sustainable pharmaceutical sector.

Access Bank has expressed its readiness to partner the Pharmaceutical Society of Ghana to build a sustainable pharmaceutical sector.

At an event in Accra dubbed the ‘Access Bank Distributors Forum’, organised in partnership with the Pharmaceutical Society of Ghana and B&FT, the bank highlighted the importance of a sustainable pharmaceutical sector to quality healthcare and economic growth.

Executive Director, Wholesale Banking-Access Bank, James Bruce, acknowledged the critical role played by the pharmaceutical industry in safeguarding the citizenry’s health and well-being, and the importance of every component in the pharmaceutical value chain.

“Ghana’s pharmaceutical market is among the largest in the West African region, yet it remains small on a global scale. Valued at GH¢2.6billion in 2022, the market is projected to reach GH¢2.8billion by end of 2023. Therefore, as a trusted financial partner, we took this opportunity to collaborate with the Society to give some financial advice and help the various members navigate in these trying times. We want to equip them with the skills and ideas that enable them to grow,” he said.

Themed ‘Building a sustainable pharmaceutical business in Ghana’, the event sought to enlighten industry players on how to grow their businesses. It also provided a platform to discuss the importance of quality customer services, staff training, the use of technology, location of businesses and financial literacy, among others.

Mr. Bruce added that Access Bank has partnered with the German government, Economic Community of West African States (ECOWAS) and International Development Bank to support the sector.

“In Germany, Turkey and other countries – including all the French-speaking parts of Africa, you cannot own a pharmacy if you are not a pharmacist and they are doing well; so why can’t we also do it? In ten to fifteen years from now, pharmacies owned by pharmacists should be more than what is owned by corporate entities or businessmen,” said the Pharmaceutical Society of Ghana’s president, Samuel Donkor.

Speaking on digitalisation, he said most young ones in the industry are more tech-savvy, therefore making it easier for the industry to operate. He however added that the Society is still making plans to hold training programmes that educate all players in the industry on the use of technology and digitisation tools.

For his part, Chief Executive Officer-B&FT, Godwin Acquaye, emphasised the importance of pharmacies to society. “Recently, we know the global situation – especially with the economy we are in – means prices are so high. When it comes to certain things we are able to lower our expenditure, but when it comes to medication we cannot opt out – which means it is a crucial thing for the Ghanaian to have the pharmaceutical industry doing very well, sustainable and resolute,” he noted.

He further underscored the importance of customer services and use of technology to the sector’s growth.



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