COVID-19: Pharmaceutical groups team up to support sector with $200 million

COVID-19: Pharmaceutical groups team up to support sector with $200 million

- Two pharmaceutical groups have teamed up to provide a $200 million support in order to revive the sector

- The two groups have signed a Memorandum of Understanding to stabilise the sector

- This follows the disruption of activities in the sector following the outbreak of the coronavirus

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Information available to shows that two pharmaceutical groups have teamed up to contribute $200 million to help deal with COVID-19-related challenges.

Lumiere Group International (LGI) and the Chamber of Pharmacy Ghana intend to implement measures to stabilise the sector.

The plan is to ensure there are medium and long-term strategies to ensure financial stability.

COVID-19: Pharmaceuticals team up to support sector with $200 million
Source: UGC

READ ALSO: COVID-19: Ghana could earn over GHc300 million from production of face masks

A report by shows that a signed Memorandum of Understanding (MoU) has formalised the deal.

It has been gathered that finished pharmaceutical products and other health commodities have been negatively affected.

Consequently, the prices of ingredients needed in the sector have increased and are barely available for use in the sector.

In other news, the Ghana Cocoa Board (COCOBOD) announced it has received $200 million out of $600 million to improve cocoa production in Ghana.

With observers all over the globe witnessing the event, a ceremony was held in Accra to mark the receipt of the fund. understands that the board intends to use the funds to increase cocoa yields per hectare and increase Ghana’s overall production.

READ ALSO: COVID-19: Bank of Ghana urges MSMEs to spearhead Ghana's economic recovery plan

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Source: Yen

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